NEWS

IMF Praises Govt’s Winston Work, Polices

The International Monetary Fund (IMF) has praised Government’s “prompt and effective response to Cyclone Winston with well-designed policies that supported the economy’s strong recovery.” On February 5, the IMF executive
10 Feb 2018 12:37
IMF Praises Govt’s Winston Work, Polices

The International Monetary Fund (IMF) has praised Government’s “prompt and effective response to Cyclone Winston with well-designed policies that supported the economy’s strong recovery.”

On February 5, the IMF executive board concluded Article IV consultations with Fiji.

Through the Article IV consultation the IMF attempts to assess each country’s economic health and to forestall future financial problems.

In a report released following the consultation, the executive board noted that the medium-term growth outlook is favourable.

The directors commended the structural reforms undertaken by Fiji and also emphasised the importance of implementing measures to boost private
investment.

They encouraged continued efforts in improving the business environment and have also suggested re-establishing a credit bureau but with an adequate regulatory framework.

The executive board has also suggested upgrading leasing mechanisms to use land more efficiently and rationalising price controls to improve allocation of resources.

According to the report, the directors welcomed steps taken to build climate change resilience and encouraged authorities to continue their efforts in this area.

A few directors have also supported Fiji’s call for the fund to give more financial and technical assistance support to vulnerable small states in their efforts to build climate change resilience and access available climate financing.

Fund directors have also noted that to help Fiji remain resilient to adverse shocks and to place debt on a downward path, fiscal buffers including pension savings should be rebuilt in the medium term.

It has also been encouraged that Fiji relax exchange restrictions.

Edited by Mohammed Zulfikar

Feedback: jyotip@fijisun.com.fj




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