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TWN
Info Service on Finance and Development (Apr24/04) Fiji is grappling with a profound and complex public debt burden which is the result of various economic challenges over the decades and which was exacerbated by the COVD-19 pandemic. As of July 2022, its public debt as a percentage of GDP had breached 90%, a sharp increase from 49% in 2019. The consequences of the rising debt burden extend beyond fiscal cutbacks and constraints; it could hamper and diminish the country’s economic growth and development prospects. Furthermore, Fiji’s vulnerability to climate change and natural disasters compounds the urgency of addressing its debt situation. A recently released report, Debt Dynamics in Fiji: Impacts, Challenges and Strategies for Sustainable Economic Development, aims to situate the country’s public debt burden within the context of its economic performance and fiscal policies, and to highlight the complexities inherent in balancing growth aspirations with fiscal responsibilities. It also tries to reveal the significance of Fiji’s public debt burden as an issue that is deeply intertwined with the nation’s socio-economic well-being, policy frameworks and strategic priorities. This report, co-published by the Pacific Network on Globalisation and the Third World Network, seeks to provide a framework for dialogue, analysis and action, enabling stakeholders to grasp the multifaceted dimensions of public debt and its impact on the nation’s future. It is hoped that it can also contribute to the discourse and engagement around the debt issue in other Pacific island countries experiencing similar challenges. The report is available at either https://www.tradepac.org/s/LOW-RES-Fiji-Debt-PANG-2202-Edit.pdf or https://twn.my/title2/books/pdf/LOW+RES+Fiji+Debt+PANG+2202+Edit.pdf With
best wishes,
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