SUVA: An official from the International Monetary Fund (IMF) said on Monday that Fiji's economy is rebounding quickly this year, which is optimistic for a developing island nation.
IMF Deputy Managing Director Li Bo told Governor of the Reserve Bank of Fiji Ariff Ali earlier in the day that Fiji, like all other nations, will have to deal with global inflation strategically, as per reports. If suitable policies are not implemented, Li believes that rising energy and food prices will hurt regular Fijians. To deal with such a situation, he noted, a combination of policies, including budgetary and other public policies, is required.
This high price of food and energy affects a large number of needy people. "In this context, we believe that a focused fiscal policy that supports the vulnerable segment is critical." The fiscal strategy must be correctly planned to guarantee that it targets the right group while not adding to government debt, according to Li, who added that the Fijian government must carefully consider balancing the two extremes.
Meanwhile, Aaron Batten, regional director of the Asian Development Bank's Suva Subregional Office, stated on Monday that Fiji has performed admirably since reopening its borders to international visitors in December. The economic future for Fiji is bright, and the increase in tourists returning demonstrates the country's recovery, he noted.
This year, Fiji's economy is predicted to rise by 11.3 percent.