IMF Staff Country Reports

Republic of Fiji: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Fiji

June 10, 2024

Download PDF More Formats on IMF eLibrary Order a Print Copy
More formats on IMF eLibrary Order a Print Copy

Preview Citation

Format: Chicago

International Monetary Fund. Asia and Pacific Dept "Republic of Fiji: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Fiji", IMF Staff Country Reports 2024, 159 (2024), accessed November 21, 2024, https://0-doi-org.library.svsu.edu/10.5089/9798400278211.002

Export Citation

  • ProCite
  • RefWorks
  • Reference Manager
  • BibTex
  • Zotero
  • EndNote

Summary

The 2024 Article IV Consultation highlights that Fiji’s economy has recovered strongly from the pandemic. The Fijian economy has recovered strongly from the pandemic. Real gross domestic product (GDP) rebounded by around 30 percent cumulatively in 2022–2023, surpassing pre-pandemic levels. Inflation has recently ticked up modestly largely due to a temporary effect of the hike in Value-Added Tax rates. Supported by the economic recovery, the fiscal deficit and debt-to-GDP ratios continued to decline but remain at elevated levels. The FY2024 (August–July) budget included significant revenue enhancing measures, partially offset by spending increases, which, on balance, are expected to reduce the fiscal deficit and debt ratios. The review recommends to continue rebuild fiscal buffers through a gradual consolidation, improves the targeting of social spending, and prioritize capital spending to support inclusive growth. Additionally, it is imperative to develop and operationalize an ambitious, comprehensive, and prioritized growth strategy to address key impediments to growth and enhance climate resilience.

Subject: Exchange restrictions, Expenditure, Foreign exchange, International organization, Monetary policy, Public debt, Revenue administration

Keywords: Exchange restrictions, Fijian authorities, Global, Monetary policy stance, Pacific Islands, Policy priority, RBF approval requirement, Staff recommendation

Publication Details

You May Also Be Interested In...

VITARA Reference Guide: Institutional Governance

November 21, 2024

Guidance Note On The Financing Assurances And Sovereign Arrears Policies And The Fund's Role In Debt Restructurings

November 18, 2024

Burkina Faso: Report on Government Finance Statistics Mission (March 18–29, 2024)

November 18, 2024

EBA-Lite 3.0 Model and Methodology

November 18, 2024