The International Monetary Fund says Fiji growth outlook beyond the current rebound will rest critically on the ability to implement a well-designed long-term reform and growth strategy.
In a press conference, IMF Team Leader Marshall Mills indicated that strong medium-term growth is vital to boosting living standards, reducing the debt burden and rebuilding resilience.
Mills said key elements will include promoting productivity growth, cutting the cost of doing business, enhancing social inclusion and meeting the economy’s investment needs against the backdrop of fiscal consolidation.
He said further to reducing red tape and improving infrastructure will help attract private and foreign investment.
“Continued efforts towards diversifications – both within and away from the tourism sector – will help improve employment and competitiveness. Increasing investment in climate adaptation and renewable energy can help reinforce Fiji’s ability to absorb related shocks.”
“Boosting potential and inclusive growth will require improvements to human capital, tackling labour shortages through technical training and closing the large gender gap in labour force participation”
Meanwhile, the IMF held fruitful discussions with the Minister for Finance Prof Biman Prasad, the Governor of the Reserve Bank Ariff Ali and other senior governmental officials, development partners and private sector representatives.
