The Honourable Prime Minister Sitiveni Rabuka has proposed a comprehensive financial literacy initiative for the country, similar to India’s financial literacy and national savings encouragement programme.
Hon Sitiveni Rabuka made the proposal when he moved the motion in parliament this morning for the legislature to thank His Excellency the President for his most gracious speech in opening the 2024 Parliamentary Session.
“Before the Honourable Deputy Prime Minister and Minister of Finance, the Honourable Professor Biman Prasad went on his recent official trip to India, I asked him to study the developments introduced by Prime Minister Modi to ensure that every person in India, all 1.408 billion of them, has a bank account, every market and street-side vendor has a credit card terminal, or EFTPOS, the electronic funds transfer at point of sale,” said the Prime Minister.
“I was inspired to ask Hon Prasad to do that in India, when I noticed a young caddy pulling a golf player’s bag on a ‘qiqi’ or trolley. I said to my caddy, ‘How much of the fees he’ll be paid will get home to his family?’ ‘Probably none’ my caddy sadly replied. I told him that $40 would have a positive impact to a family weekly income in Wailea, or Nanuku informal settlements.”
Prime Minister Rabuka told the Fiji Parliament that Fiji could emulate the comprehensive financial literacy programme of Prime Minister Modi.
Under this programme, people can make informed decisions about saving, investing and managing finances effectively.
“While His Excellency would like to see Jone, who is a dalo farmer and Ram who sells sweets at his cart, learn how to manage and have access to finance, I would like the young caddies at golf clubs around Fiji and all markets and street-side vendors to be able to do the same, and at the same time, encourage a culture of saving which will allow the development of a sustainable investment plan for their families’ long term security.
“I, like his Excellency, would like to see members of our communities learning and sharing from each other’s expertise and experiences, so we can all prosper together.”
Hon. Rabuka also spoke about his Ocean of Peace vision, the development of a foreign policy white paper, the need for pragmatic action rather than the ‘business as usual’ approach in climate change and the support for the island communities in Rabi and Kioa, as well as for the Melanesian Vasu -i-Taukei community.
He also spoke about the $300 million Vanua Levu Upgrading and Sealing of Roads project, changes to the civil service guidelines to reward hard working civil servants and plans to revive Fiji’s shipbuilding and repairing facilities.
➡️ Read the Prime Minister’s full speech on the link-
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