IMF team meets RBF
Tuesday, September 21, 2010
OFFICIALS of the International Monetary Fund are in the country meeting with government officials as well as the Reserve Bank of Fiji.
Reservec Bank of Fiji Governor Sada Reddy confirmed the visit, saying this was a follow-up visit to Fiji’s request for financial assistance, previously estimated to be about $1billion. Mr Reddy said the officials had visited in April and this was a follow-up.
Last month, World Bank East Asia Pacific region vice president James Adams confirmed to this newspaper of the joint mission with IMF.
In that interview, he mentioned the mission would discuss the economic reforms Fiji needed to take.
During the April visit, the IMF had made a number of recommendations on economic reforms which Commodore Voreqe Bainimarama alluded to during his address at the announcement of the 2010 revised budget in July.
He mentioned the possibility of a standby arrangement (SBA). According to the IMF website, SBA has been used time and again by member countries and was upgraded in 2009 to be more flexible and responsive to member countries’ needs.
“When a country borrows from the IMF, it agrees to adjust its economic policies to overcome the problems that led it to seek funding in the first place,” the website said.
Commodore Bainimarama, in his July address, said the State would make its own decision and assessment on the implications of taking up such a facility.
One of the IMF recommendations was that government’s finances move from cash to accrual accounting.
Ho, there he goes again the recalcitrant oink who really thinks he knows it all in his ‘my way or the highway’ ignorance.
We have one suggestion for the recalcitrant, know all (NOT) oink, when it comes to highways, fool, please go and play in the traffic, preferably carbon monoxide laden Edinburgh Drive at peak hour.
Qai macala, vuaks.