The Governor of the Reserve Bank of Fiji Ariff Ali says their forecast for recovery for 2021 assumes no major natural disasters and at the same time the opening of our international borders for tourism towards the later half of next year.
While speaking at the launch of the leaving No One Behind in the Digital Era: Pacific Insurance and Climate Adaption Programme, Ali says last week, they released the latest economic projections for Fiji with a slight improvement in the forecast contraction of the economy for this year from 21.7% to 19%.
Ali says most people may not know that his first real employment was as a trainee at the Fiji Meteorological Department.
He says he therefore has a good understanding of the prerequisites or conditions under which a tropical cyclone is formed.
Ali says given the current high temperatures, we need to prepare as we are already in the cyclone season.
He has acknowledged the commitment and ongoing assistance of the Pacific Financial Inclusion Programme.
Ali says their collaboration with the Pacific Financial Inclusion Programme was established in 2009 after which Fiji’s first National Financial Inclusion Strategy was adopted.
He says over the years, they have partnered with the Pacific Financial Inclusion Programme on a number of initiatives including the piloting and launch of bundle micro-insurance products with the active participation of the private sector including Fiji Care.
Ali says this has resulted in more than doubling the insurance penetration rate in the past three years.
