21 Aug 2013

Fiji Reserve Bank urges Govt to reduce public debt

8:13 am on 21 August 2013

The Governor of the Reserve Bank of Fiji, Barry Whiteside, has urged the Fiji government to reduce public debt to more sustainable levels.

He says government debt is currently estimated to be just under fifty percent of Gross Domestic Product.

Mr Whiteside says public debt is a hot topic with Europe's awful experience of bailouts and austerity measures.

He says small developing countries are even more disadvantaged.

The bank chief says the government must remain committed to reducing debt perhaps eventually reaching the International Monetary Fund's benchmark 40 percent of GDP.