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Fiji’s total projected deficit for 2009 stands at 2.5 percent and not five percent, said Reserve Bank Governor Sada Reddy.
When speaking at the joint Fiji/Australia Business Council and Australia-Fiji Business Council meeting in Natadola, Nadi today, Reddy said he was aware that some accounting firms were stating a five percent figure for this year’s deficit, which he said was not true.
He urged participants not to rely on blogs or second hand information to get updates on Fiji’s economy but rather to ask RBF or get RBF’s regular economic update if they want to get first hand information on Fiji’s economy.
He said the misinformation on Fiji’s economy was deterring potential investors to Fiji, such as the case of an Australian company that had wanted to invest in Fiji pulling out because of reports in the Australian media that Fiji was not in a position to pay its debts.
Fiji, he stressed, has never defaulted on its debt payments and he urged local accounting firms to contact the Ministry of Finance to verify their figures or else, they would create misinformation on Fiji’s finance in the global markets.
Fiji is expecting a budget deficit of 2.5 percent this year and a 3.5 percent deficit in its recently released 2010 National Budget.
