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IMF Welcomes Fijian Progress On Fiscal Consolidation

by Ulrika Lomas, Tax-News.com, Brussels

20 August 2013


The International Monetary Fund (IMF) in its Article IV consultation with Fiji has recommended that authorities adopt structural reforms to support higher economic growth and begin to bring down the unemployment rate.

The IMF reported that, propped up by income tax cuts, the Fijian economy grew by 2.25 percent in 2012. Furthermore, the budget deficit fell at a greater rate than expected to 1 percent of gross domestic product, leading to a reduction in Fiji's debt-to-GDP ratio in 2012.

Reviewing the territory's fiscal policy, the IMF said: "The current macroeconomic policies are broadly appropriate. Fiji’s fiscal policy continues to balance the need to strengthen the fiscal position against the need to increase public investment to support growth."

It concluded that: "The 2013 deficit target of 2.8 percent of GDP is on track to be met, with strong VAT revenue collections and somewhat slower-than-planned expenditures in the first half of 2013."

TAGS: tax | value added tax (VAT) | fiscal policy | law | budget | International Monetary Fund (IMF) | Fiji | unemployment | individual income tax

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