Fiji’s economy is on a path to full recovery as the economy has progressed – Prof Prasad

Fiji’s economy is on a path to full recovery and growth is expected to be sustainable as the economy has progressed in the last 9 months after a strong 20 percent growth last year and another 8 percent projected for this year.

The Deputy Prime Minister and Minister for Finance, Professor Biman Prasad highlighted this while updating the Vice President of the World Bank, Manuella Ferro about Fiji’s economy.

Professor Prasad is currently in Marrakech, Morocco attending the 2023 World Bank/International Monetary Fund Annual Meetings that started yesterday and will end on Sunday.

He acknowledged World Bank for its excellent support to Fiji and the critical role played in financing its economic development.

He says that tourism industry has improved with visitor arrivals returning to 2019 levels however the major challenge in tourism industry is being constrained by hotel capacity and to some extent capacity management at the airport.

Discussions also focused on World Bank support towards improving Fiji’s health service delivery, solar projects and upgrade of water infrastructure. Professor Prasad also updated the Bank on the efforts the Government in strengthening the National Planning Office at the Ministry of Finance so that proper planning, monitoring and evaluation and project implementation is achieved to ensure that delivery is effective, efficient and timely.

He was accompanied by the Governor of Reserve Bank of Fiji, Permanent Secretary of Finance and other senior officials of Ministry of Finance and Reserve Bank of Fiji at the meeting.

This year's Annual Meeting is expected to be a significant one as the World Bank is set to announce the outcome of its Evolution process, with a key focus on addressing global challenges.