CITIZENS BUDGET GUIDE - Fiji 2020-2021 - Solevaka
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EUROPEAN UNION
CITIZENS
BUDGET Fiji
GUIDE 2020-2021MARSHALL
ISLANDS
FEDERATED
PALAU STATES OF
MICRONESIA
KIRIBATI
NAURU
PAPUA NEW
GUINEA SOLOMON TUVALU
ISLANDS
TOKELAU
SAMOA
VANUATU FIJI
NIUE
TONGA COOK
ISLANDS
2 CITIZENS BUDGET GUIDE º 2020-20210. CONTENT SECTIONS PAGE 1. ABOUT THE CITIZENS BUDGET GUIDE 3 2. ECONOMIC ASSUMPTIONS UNDERLYING THE BUDGET 4 3. BUDGET CYCLE. CITIZEN ENGAGEMENT IN THE BUDGET PROCESS 5 4. REVENUE COLLECTION 8 5. PRIORITIES IN SPENDING 10 6. COVID-19 RESPONSE BUDGET 12 7. BUDGET TERMINOLOGY (GLOSSARY) 14 CONTACT INFORMATION 14 1. ABOUT THE CITIZENS BUDGET GUIDE Citizens Budget Guide is a simplified, devoid of technical language presentation of information about the national budget. Citizens Budget Guide aims not only to improve the perception of budget information but also to promote accountability and transparency in public financial management. The information provided in the document will encourage citizens to monitor the accountability of elected representatives and officials. This will promote good governance and verify the effectiveness of public funds in compliance with citizens’ needs. It allows exercising their right to public scrutiny by government officials, access to information, and the provision of services. Familiarizing citizens with the formation and use of the budget will at the same time raise the importance of public discussions in the financial management system. The 2020-2021 Fiji Budget builds on key measures introduced in the COVID-19 Response Budget to support economic recovery, rejuvenate private sector activity, protect jobs, assist the unemployed, and maintain overall macro-fiscal sustainability. This Citizens Budget Guide is not an official government document and was produced based on publicly available information. The Citizens Budget Guide was developed by Fiji Council of Social Services (FCOSS) with the support of United Nations Development Programme (UNDP) and Pacific Islands Association of Non-governmental Organisations (PIANGO) thanks to funding by the European Union. FIJI 3
2.
ECONOMIC ASSUMPTIONS
UNDERLYING THE BUDGET
CALENDAR YEAR CALENDAR YEAR
INDICATOR 2021 2020
ESTIMATE FORECAST
NOMINAL GROSS DOMESTIC PRODUCT
10,629 9,255
– million dollars
REAL GROSS DOMESTIC PRODUCT –
9,464 8,294
million dollars
GDP GROWTH / - CONTRACTION –
14.1 -21.7
real %
TOTAL EXPORTS – million dollars
1,886 1,649
(EXCLUDING AIRCRAFT)
TOTAL IMPORTS – million dollars
4,036 3,546
(EXCLUDING AIRCRAFT)
VISITORS’ ARRIVAL – NUMBERS 447,000 224,000
TOURISM EARNINGS - million dollars 1,033 620
SUGAR AND MOLASSES EXPORTS –
132 121
million dollars
INFLATION - % 1.4 1.0
ECONOMIC OVERVIEW 2020
$
-21.7% ° In 2020, the Fijian economy is projected to contract by 21.7 percent given
the devastating impact of the COVID-19 pandemic on the tourism sector
and its rippling effects on all other sectors of the economy.
° This is the largest economic contraction in Fiji’s history.
-75%
° T ourism related activities contribute around 35 percent to GDP and visitor
arrivals are forecast to decline by 75 percent this year.
° A
s a result, accommodation & food service activities, wholesale & retail
trade, transport & storage, administration & support services and arts &
entertainment are expected to contract severely.
ECONOMIC OVERVIEW 2021 AND 2022
14.1 %
° T he economy is projected to rebound in 2021 and 2022 by 14.1 percent
$
6.5% and 6.5 percent.
° T he recovery is largely premised on the expectation that international
travel will normalise by the end of this year together with various
measures in the budget aimed at rejuvenating private sector activity,
investment and consumption spending and higher Government borrowing
to sustain public spending in focused areas.
4 CITIZENS BUDGET GUIDE º 2020-20213.
BUDGET CYCLE.
CITIZEN ENGAGEMENT
IN THE BUDGET PROCESS
BUDGET
ADDRESS APPROPRIATIONS
BILL
The speech the Minister
for Economy delivers in Contains the budget
parliament to introduce measures for this
the budget. financial year.
MAIN BUDGET
DOCUMENTS
BUDGET ESTIMATES
SUPPLEMENT DOCUMENTS
Complements the Outlines the
budget address. Sets estimated costs for
out Fiji’s financial and each programme and
economic performance activity.
and outlook.
Source: Parliament of the Republic of Fiji
PREPARATION STEPS AND TIMELINES
JAN
JAN
1. —º BUDGET STRATEGY
TABLED IN CABINET
2. —º FINANCE CIRCULAR ON THE BUDGET 3. —º INVITATION FOR PRIVATE SECTOR AND 4. —º BUDGET SUBMISSIONS RECEIVED
FEB
FEB
PROCESS AND TIMELINES ISSUED CIVIL SOCIETY SUBMISSIONS ISSUED FROM MINISTRIES, DEPARTMENTS,
AND OTHER ENTITIES
5. —º MINISTRY OF ECONOMY ASSESSES 6. —º PRIVATE SECTOR AND CIVIL SOCIETY
BUDGET SUBMISSIONS SUBMISSIONS RECEIVED
7. —º CONSULTATIONS HELD WITH MINISTRIES,
MAR
MAR
DEPARTMENTS AND OTHER ENTITIES
8. —º CONSULTATIONS HELD WITH MINISTERS
APR
APR
9. —º CABINET MEETS TO CONSIDER BUDGET ESTIMATES
MAY
MAY
10. —º BUDGET TABLED IN PARLIAMENT
JUN
JUN
JUL
JUL
AUG
AUG
SEP
SEP
Source: Asian Development Bank
FIJI 5
OCT
OCTTHE PROCESS OF BUDGET APPROVAL IN THE PARLIAMENT
1. —º BUDGET ADDRESS — THE MINISTER FOR ECONOMY PRESENTS THE APPROPRIATIONS BILL (THE BILL) AND SUPPORTING DOCUMENTATION AT THE FIRST READING.
2. —º BILLS AND ALL BUDGET DOCUMENTATION ARE IMMEDIATELY CIRCULATED TO ALL MEMBERS (ACCORDING TO STANDING ORDERS).
3. —º PARLIAMENT IS ADJOURNED FOR AT LEAST SIX DAYS TO ALLOW MEMBERS THE OPPORTUNITY TO CONSIDER THE BILL AND ACCOMPANYING BUDGET DOCUMENTS.
4. —º NOTICE OF THE SECOND READING OF THE BILL WILL BE GIVEN AT LEAST TWO DAYS IN ADVANCE.
5. —º THE BILL IS READ FOR A SECOND TIME AND IMMEDIATELY REFERRED TO A COMMITTEE OF SUPPLY OF THE WHOLE PARLIAMENT.
6. —º A DEBATE WILL TAKE PLACE ON EACH ESTIMATE HEAD. AMENDMENTS MAY BE MOVED AND VOTED UPON.
7. —º HE COMMITTEE OF SUPPLY WILL THEN IMMEDIATELY CONSIDER THE BILL. EACH SCHEDULE AND CLAUSE WILL BE VOTED ON WITHOUT DEBATE.
8. —º THE BILL (OR BILL AS AMENDED) IS TABLED IN PARLIAMENT.
9. —º A MOTION FOR THE THIRD READING WILL BE PROPOSED BY THE MINISTER FOR ECONOMY AND DECIDED IMMEDIATELY WITHOUT AMENDMENT OR DEBATE.
10. —º IF SHE MOTION IS AGREED AND THE BILL IS PASSED, IT IS SENT TO THE PRESIDENT FOR ASSENT.
Source: Parliament of the Republic of Fiji
BUDGET EXECUTION
BUDGET APPROPRIATION
1. —º EXPENDITURE OF MONEY APPROPRIATED BY AN APPROPRIATION ACT FROM THE CONSOLIDATED FUND OR ANY OTHER FUND MAY BE INCURRED
ONLY IN ACCORDANCE WITH THE AUTHORISATION EFFECTED BY THE APPROPRIATION ACT.
2. —º EACH APPROPRIATION IS TO BE ADMINISTERED BY—
(A) THE BUDGET SECTOR AGENCY SPECIFIED IN THE APPROPRIATION ACT CONCERNED OR THE BUDGET ESTIMATES TABLED WITH THE BILL FOR THAT ACT
AS BEING RESPONSIBLE; OR
(B) THE MINISTRY IF NO AGENCY IS SO SPECIFIED.
REVENUE ADMINISTRATION
3. —º INCLUDES TAX ADMINISTRATION, CUSTOMS ADMINISTRATION, AND SOCIAL SECURITY CONTRIBUTION ADMINISTRATION.
ALL TAXES ADMINISTERED BY FIJI REVENUE AND CUSTOMS SERVICE.
ALL PAYMENTS OF TAX AND NON-TAX REVENUES TYPES ARE PAID DIRECTLY INTO THE CONSOLIDATED FUND ACCOUNTS.
CASH MANAGEMENT
4. —º MINISTRIES MUST PREPARE CASH FLOW FORECASTS AND SUBMIT TO BUDGET DIVISION, FINANCIAL MANAGEMENT INFORMATION SYSTEM
NOV
NOV
AND THE MOE CASH MANAGEMENT UNIT BY ONE MONTH BEFORE THE START OF THE YEAR PER.
THE CMU MAINTAINS THE CASH FLOW FORECAST AND MONITORS AGAINST THE FORECAST ON A DAILY BASIS.
PROCUREMENT
5. —º PROCUREMENT BY COMPETITIVE TENDERING IS ADMINISTERED BY THE FIJI PROCUREMENT OFFICE FOR THE WHOLE OF GOVERNMENT.
DEC
DEC
INTERNAL CONTROL
6. —º INTERNAL CONTROL, ACCOUNTING FOR AND REPORTING ON ACTUAL EXPENDITURE AND SERVICE DELIVERY.
OCT
OCT
6 CITIZENS BUDGET GUIDE º 2020-2021
NOV
NOV
D
DBUDGET REPORTING
MINISTER RESPONSIBLE FOR MANAGING THE FINANCIAL AFFAIRS OF THE GOVERNMENT
QUARTERLY
APPROPRIATION —º THE MINISTER MUST TABLE IN PARLIAMENT A QUARTERLY APPROPRIATION STATEMENT FOR EACH OF THE FIRST,
STATEMENT THIRD AND FOURTH QUARTERS OF A FINANCIAL YEAR.
MID-YEAR
FISCAL —º THE MINISTER MUST TABLE IN PARLIAMENT A MID-YEAR FISCAL STATEMENT FOR THE FIRST 6 MONTHS OF EACH FINANCIAL YEAR.
STATEMENT
ANNUAL —º THE MINISTER MUST TABLE IN PARLIAMENT A WHOLE OF GOVERNMENT ANNUAL REPORT FOR EACH FINANCIAL YEAR.
REPORT
THE WHOLE OF
GOVERNMENT —º THE WHOLE OF GOVERNMENT FINANCIAL STATEMENTS REQUIRED TO BE INCLUDED IN THE WHOLE OF GOVERNMENT
FINANCIAL ANNUAL REPORT FOR A FINANCIAL YEAR.
STATEMENTS
—º THE ANNUAL APPROPRIATION STATEMENT REQUIRED TO BE INCLUDED IN THE WHOLE OF GOVERNMENT ANNUAL REPORT
ANNUAL FOR A FINANCIAL YEAR MUST—
APPROPRIATION (A) SHOW THE ACTUAL REVENUE AND EXPENDITURE, AND SURPLUS OR DEFICIT, FOR THE FINANCIAL YEAR;
STATEMENT (B) SHOW THE CORRESPONDING REVENUE ESTIMATES AND APPROPRIATIONS FOR THE FINANCIAL YEAR; AND
(C) SHOW DETAILS OF REPORTABLE AUTHORISATIONS RELATING TO THE FINANCIAL YEAR.
BUDGET SECTOR AGENCIES
ANNUAL —º EACH BUDGET SECTOR AGENCY MUST PREPARE AND MAKE PUBLICLY AVAILABLE, FOR EACH FINANCIAL YEAR, AN ANNUAL REPORT
REPORT
ANNUAL
FINANCIAL —º THE ANNUAL FINANCIAL STATEMENTS REQUIRED TO BE INCLUDED IN THE ANNUAL REPORT FOR A BUDGET SECTOR AGENCY
STATEMENTS
OFF-BUDGET STATE ENTITIES
ANNUAL —º EACH OFF-BUDGET STATE ENTITY MUST, SUBJECT TO THE REGULATIONS, PREPARE, SUBMIT AND PUBLISH AN ANNUAL REPORT
REPORTS FOR EACH FINANCIAL YEAR.
ANNUAL
FINANCIAL —º THE ANNUAL FINANCIAL STATEMENTS REQUIRED TO BE INCLUDED IN THE ANNUAL REPORT FOR AN OFF-BUDGET STATE ENTITY
STATEMENTS
RECOMMENDATION ON CITIZEN ENGAGEMENT
IN THE BUDGET PROCESS ACCORDING
TO THE OPEN BUDGET SURVEY 20191:
° E nsure that any member of the public or civil society can engage with the
government when monitoring budget implementation.
° A
ctively engage with vulnerable and underrepresented communities,
directly or through civil society organizations representing them.
° F iji’s Parliament should prioritize the following actions: allow members of
the public or civil society organizations to testify during its hearings on the
budget proposal prior to its approval; allow members of the public or civil
society organizations to testify during its hearings on the Audit Report.
° F iji’s Office of the Auditor General has established mechanisms to assist
the supreme audit institution in developing its audit program. It should
establish formal mechanisms for the public to contribute to relevant audit
investigations.
1
https://www.internationalbudget.org/open-budget-survey/country-results/2019/fiji
FIJI 7At the People’s Livelihood Survey and PFM Engagement Workshop in
June 2020, community researchers that spearheaded the project, civil
society partners and organisations and members of key government
ministries involved in social services outlined strategies for engagement
beyond the national level PFM processes. They particularly identified entry
points or rather pressure points that were yet to be tapped at the sub national
level for community engagement and advocacy. These are:
1. Government’s labor and livelihood initiatives and programme
platforms that exist at national and divisional levels. Participants agreed
that engaging on these to lobby for decentralization right down to district
levels and supporting civil society efforts to connect vulnerable and near
poverty population cohorts to the opportunities available from such an
incentive.
2. Integrated Village Development Plan which is an ideal entry point
for engaging communities meaningfully in the Public Financial
Management system. Recognizing too that community profiling is
important for impetus for evidence based planning at these levels and
including allvoices ensures sustainability of the outcomes of such a
collaboration.
3. T
apping on district advisory councillors, Turaga Ni Koro, Mata ni Tikina,
Community Nurses and Zone nurses as they are mandated focal of
government’s administrative and consultative structure in peri urban to
rural communities to influence grassroots development priorities and
financing.
4. A
pplying an inclusion lenses on government agencies annual
workplans and strategies to analyse how government finances social
protection for the vulnerable and mainstreams the approach of leaving no
one behind.
5. S
trengthening accountability mechanisms in sub national level and
quasi government mechanisms that fosters community engagement
and scrutiny and closes feedback loops about the management of public
funds. This includes the iTaukei and provincial administrative structures.
4.
REVENUE COLLECTION
The underlying revenue policy framework for FY2020-2021 focuses on
rebuilding the competitiveness of the tourism industry, raising domestic
demand by lowering prices of goods and services, promoting competition,
improving ease of doing business, safeguarding employment and household
incomes and reviving overall economic activity.
In FY2020-2021, Government
expects to receive around $1,621.4 OPERATING REVENUE
million in operating revenue, a
shortfall of $815.9 million or
33.5 percent when compared to
FY
2020-2021 -33.5%
FY2019-2020, and $1,497.2 million
or 48.0 percent lower when
FY
2019-2020 -48%
compared to FY2018-2019.
8 CITIZENS BUDGET GUIDE º 2020-2021TOTAL 2020 FISCAL ESTIMATES
2018-2019 2019-2020 2020-2021
(ACTUAL) (REVISED) (BUDGET)
TAX REVENUE 2,819.8 2,819.3 1,465.7
NON-TAX REVENUE 361.3 509.8 207.9
TOTAL REVENUE 3,181.1 2,699.1 1,673.6
GOVERNMENT’S CASHFLOW STATEMENT
2018-2019 2019-2020 2020-2021
(ACTUAL) (REVISED) (BUDGET)
OPERATING RECEIPTS
DIRECT TAXES 754.4 611.4 498.0
INDIRECT TAXES
2,026.9 1,532.3 922.9
(EXCLUDING SEG 13 VAT)
– VAT (EXCLUDING SEG 13 VAT) 799.6 571.1 524.3
– CUSTOMS DUTIES 669.8 530.4 295.9
– SERVICE TURNOVER TAX 89.6 62.3 0.5
– WATER RESOURCE TAX 73.6 56.7 51.5
– DEPARTURE TAX 147.2 119.1 21.3
– STAMP DUTY 85.2 65.0 3.8
– FISH LEVY 0.05 0.0 -
– TELECOMMUNICATION LEVY 1.0 0.9 0.9
– ENVIRONMENT AND CLIMATE
160.9 126.8 24.7
ADAPTATION LEVY
FEES, FINES & CHARGES 133.1 110.2 89.1
GRANTS IN AID 42.0 62.6 29.1
DIVIDENDS FROM INVESTMENTS 106.6 57.7 45.4
REIMBURSEMENT & RECOVERIES 12.7 35.8 11.1
OTHER REVENUE & SURPLUSES 42.8 27.5 25.9
TOTAL OPERATING RECEIPTS 3,181.5 2,437.5 1,621.5
GOVERNMENT’S CASH FLOW Total Operating Receipts
3500
3000 3181.5
2500
2437.5
2000
1621.5
1500
2018-2019 2019-2020 2020-2021
(Actual) (Revised) (Budget)
FIJI 95.
PRIORITIES IN SPENDING
The 2020-2021 Budget focuses on providing adequate funding to support
the economic recovery and ensuring access to key public services.
Government expenditure has increased to
$3,674.6 million in FY2020-2021, around
$138.3 million higher than the COVID-19 EXPENDITURE
Response Budget. Sustaining expenditures at
this level, coupled with bold tax and customs
policy measures, is critical to provide the much
FY
2020-2021 +138.3M
needed fiscal impetus to revive the economy.
GOVERNMENT EXPENDITURE
2018-2019 2019-2020 2020-2021
(ACTUAL) (REVISED) (BUDGET)
OPERATING EXPENDITURE 2,428.4 2,392.7 2,421.5
CAPITAL EXPENDITURE 1,133.5 1,097.9 1,208.3
SEG 13 VAT 38.4 45.7 44.8
TOTAL EXPENDITURE 3,600.3 3,536.3 3,674.6
EXPENDITURE BY KEY MINISTRIES AND AGENCIES
DECREASE FROM INCREASE FROM
2019-2020
2019-2020 2019-2020
MINISTRY REVISED ESTIMATE
REVISED ESTIMATE REVISED ESTIMATE
$M
$M $M
Ministry of Housing and Community Development 13.5 0.2 -
Ministry of Education, Heritage and Art 450.6 22.26 -
Higher Education Institution 81.4 21.3 -
Ministry of Health and Medical Services 394.3 - 46.84
Ministry of Agriculture 65.3 - 3.47
Ministry of Sugar Industry 53.6 58.88 -
Fiji Roads Authority (“FRA”) 348.9 - 72.4
Water Authority of Fiji 195.4 - 12.4
Ministry of Infrastructure and meteorological 30.6 4.7 -
Ministry of Waterways and Environment 15.9 5.2 -
Ministry for Women, Children and Poverty
159 - 14.4
Alleviation
Ministry of Youth and Sports 11.8 4.5 -
Fiji Police Force 200.6 - 37.3
Republic of Fiji Military Forces 81.0 8.6 -
Ministry of Commerce, Trade, Tourism and
87.1 4.6 -
Transport
Ministry of Civil Service 3 - -
10 CITIZENS BUDGET GUIDE º 2020-20216.
COVID-19 RESPONSE BUDGET
An economic package of over $1.0
billion, equivalent to around 8.7 percent
of GDP is announced in the COVID-19
Response Budget.
COVID-19
The measures are as follows:
FIJI NATIONAL PROVIDENT FUND (FNPF)
° $
130 million relief to employers from 1 April 2020 to 31
December 2020.
°$
80 million back to Fijian employees - Employee Contribution is reduced
from 8 percent to 5 percent effective from 1 April 2020 to 31 December 2020.
° $
1,000 lump sum assistance to employees who have lost jobs or are on
reduced hours in the tourism and hospitality industry. For FNPF members
who have less than $1,000 in their FNPF General Account, Government will
subsidise the remaining balance to make it $1,000.
° $
500 lump sum assistance to employees (who are not able to go to work or
are not able to work from home) who are affected by the lockdown/travel
restriction due to COVID-19. Those who have less than $500 in their General
Account, the balance will be subsidised by Government.
GOVERNMENT RELIEF PAYMENT AND
$ GOVERNMENT SUPPLY
° $
150 of relief payment for those affected in the informal sector
in the lockdown areas.
° G
overnment will reimburse directly to employers (with less than $30,000
annual income) 21 days of COVID-19 leave for employees that test positive
and are certified by the Ministry of Health and Medical Services.
° $
1,000 to Fijians employed in the informal sector and tested positive for
COVID-19 and are certified by the Ministry of Health and Medical Services.
° 3
00 percent tax deduction for employers who continue to pay their
employees under self-quarantine.
° $
100 to anyone (those with less than $30,000 annual income) that is not
compensated during this 14 day self-quarantine period
MINISTRY OF HEALTH AND MEDICAL SERVICES
° $
40 million for the procurement of supplies & consumables,
personal protective equipment, thermal scanners, set up of
isolation facilities, media awareness, infection control, contact
tracing, emergency response and other contingencies.
FIJI 11STUDENTS
° $
10 million for students repaying Tertiary Education Loans
(repayments will be suspended until 31 December 2020).
COMMERCIAL BANKS
° $
400 million relief - all commercial banks in Fiji will offer loan
repayment holidays on principal and interest for up to 6 months
for businesses and individual customers facing hardship with
mortgages and loan repayments.
NATIONAL DISASTER REHABILITATION FACILITY
$ ° $
60 million to assist those affected by COVID-19 - commercial
banks, Fiji Development Bank and licenced credit institutions
can access funds from RBF with an interest rate of 1 percent
per annum and lend to eligible businesses at a maximum
interest rate of 5 percent. The SME Credit Guarantee Scheme is
expanded to assist small entities affected by COVID-19.
% TAXATION
° O
AND CUSTOMS
ver $150 million – number of taxation and customs policy
changes will be implemented to provide immediate relief
to businesses and individual taxpayers, revive investment &
business activity, support exports & the tourism industry and
protect employment.
DIRECT BUDGET FUNDING
FOR COVID-19
DETAILS $M
Ministry Of Health 40.0
0.7 FIJI POLICE FORCE
Fiji Police Force 0.7 0.15 REPUBLIC OF FIJI MILITARY FORCES
1.0 MINISTRY OF AGRICULTURE
Republic Of Fiji Military Forces 0.15 0.1 FIJI COMPETITION AND CONSUMER COMMISSION
Ministry Of Agriculture 1.0 40.0 5.6
MINISTRY UNEMPLOYMENT BENEFIT - TOURISM SECTOR
Fiji Competition And OF HEALTH
0.1 7.0 UNEMPLOYMENT BENEFIT
Consumer Commission
- LOCKDOWN AREAS (FORMAL SECTOR)
Unemployment Benefit - 3.0 UNEMPLOYMENT BENEFIT
5.6
Tourism Sector - LOCKDOWN AREAS (INFORMAL SECTOR)
Unemployment Benefit - 5.0 UNEMPLOYMENT BENEFIT - GENERAL
Lockdown Areas 7.0
(Formal Sector)
27.5
Unemployment Benefit - CONTINGENCY FUNDS 5.0 ASSISTANCE TO SME’S
Lockdown Areas 3.0 (GENERAL)
(Informal Sector) 5.0 CONTINGENCY FUNDS
(UNEMPLOYMENT)
Unemployment Benefit -
5.0
General
Assistance To Sme’s 5.0
Contingency Funds
5.0
(Unemployment)
Contingency Funds (General) 27.5
TOTAL 100.0
12 CITIZENS BUDGET GUIDE º 2020-20217.
BUDGET TERMINOLOGY (GLOSSARY)
BUDGET - government’s financial plan for a GRANTS - financial assistance given to Government
year developed by the government presenting by development partners and does not have to be
its anticipated sources of financing (revenues, paid back.
borrowings, or cash drawdown) and proposed
expenditures.
BUDGET DEFICIT - a situation where government
revenues are lower than its expenses .
REVENUES - the total amount of money that the
Government receives for its activities from both
GDP - the monetary value of all the finished goods
domestic and external sources.
and services produced within a country’s borders in a
specific period.
TAX REVENUE - revenue from compulsory, non-
refundable, and non-exchange-related contributions
INFLATION - the rate at which the general level of
collected by the State; the total amount of money that
prices for goods and services is rising.
the government receives from taxation.
EXPENDITURE - all government consumption,
NON-TAX REVENUE - income earned by the
investment, and transfer payments.
government from sources other than taxes (e.g.
income from monopolies and holdings, financial
investments, repayment of loans, penalties, etc.).
CONTACT INFORMATION
Parliament of the Republic of Fiji Fiji Council of Social Services (FCOSS)
http://www.parliament.gov.fj e-mail: coss@is.com.fj, fcoss@piango.net
The Office of the Auditor-General of Fiji
http://www.oag.gov.fj
Ministry of Economy
http://www.economy.gov.fj
Pacific Islands Association of Non-governmental
Organizations (PIANGO)
http://www.piango.org
FIJI 13You can also read
