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Republic of Fiji: 2023 Article IV Consultation-Press Release; and Staff Report
Author:
International Monetary Fund. Asia and Pacific Dept
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2023: Issue 238
Language:
English
Publication Date:
28 Jun 2023
DOI:
https://doi.org/10.5089/9798400247798.002
ISBN:
9798400247798
ISSN:
1934-7685
Pages:
69
Keywords:
maturity proceeds; relocation plan; climate plan; airline ticket sale; CPI data; Government finance statistics; Exchange restrictions; Global; Pacific Islands
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The 2023 Article IV Consultation discusses that Fiji’s economy rebounded strongly in 2022, as tourism recovered rapidly. With the rapid rebound in tourism, the economy is experiencing a strong recovery. Nevertheless, significant risks to growth remain both on the demand side—due to the global outlook—and on the supply side—due to capacity constraints and price competitiveness. The recovery and ongoing broad consultations make the upcoming budget a critical opportunity to begin rebuilding Fiji’s fiscal space and reducing vulnerability. Monetary policy needs to begin shifting now to a more neutral stance, amidst growing uncertainty to the outlook for inflation and foreign reserves. Addressing the implementation challenges of Fiji’s climate plans will require increased efforts and financing. Advancing climate adaptation plans will help Fiji transition to a more sustainable and resilient growth model. Accelerating investments on renewable energy will help Fiji diversify its energy sources and reduce external imbalances. However, Fiji’s climate adaptation and mitigation plans face significant challenges, including shortfalls in climate financing, implementation capacity, and investment management.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund