Business debt has grown faster than gross domestic product (GDP) for several years and today is high. But the growth in the ratio of business debt to GDP in the past decade is much less than the growth in household debt to GDP that we saw in the run-up to the Global Financial Crisis.
A governing committee, the National Financial Inclusion Task Force (NFIT), initially chaired by the former Governor, Mr. Sada Reddy, was formed to monitor the overall implementation and progress of financial inclusion in Fiji. Three working groups: financial literacy; statistics, and microfinance, each comprising key stakeholder representatives, were set up to implement the strategy and action plans which came out of the first workshop.