AG shares Fijiโ€™s plans for economic diversification with the IMF

AG shares Fijiโ€™s plans for economic diversification with the IMF

By Semi Turaga
Wednesday 25/05/2022
[Image: Fijian Government]

Government's plan for economic diversification in areas such as business process outsourcing, medical tourism, retirement villages, light manufacturing and agricultural value addition was discussed in a meeting between Attorney General and Minister for Economy, Aiyaz Sayed-Khaiyum and International Monetary Fund Deputy Managing Director Dr Bo Li in Nadi.

A statement by the Fijian Government says Sayed-Khaiyum also shared Fiji's experiences during the pandemic, including the successful vaccination rollout, safe reopening of the economy, use of digital solutions to rollout the unemployment assistance to those affected by the pandemic and other strategies to revive the Fijian economy and getting back lives to normalcy.

The Minister for Economy noted the need for structural reforms that will support greater private sector participation in the economic recovery and diversification process.

Li acknowledged Fiji's decisive leadership during the pandemic and shared the positive feedback he had received from various stakeholders on Fiji's economic recovery.

He emphasised the need for the continuation of this growth momentum and how the multilateral institutions like IMF stand ready to further support Fiji.

While emphasising the need for fiscal consolidation, Li agreed that targeted expenditure policies maybe needed to cushion these inflationary pressures as small island developing countries like Fiji feel the brunt of these global supply shocks.

The AG and Li also discussed other issues like climate change, infrastructure development, monetary policy and financial sector developments.

The meeting was also attended by the Governor of the Reserve Bank of Fiji, the Permanent Secretary for Economy and the CEO of Fiji Revenue and Customs Service.

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