Business

Business confidence boost important: IMF

June 30, 2023 6:27 am

The International Monetary Fund believes boosting business confidence can also help jumpstart numerous private investment projects in Fiji that are already planned and financed.

In a release it says that following the strong economic rebound, the medium-term outlook hinges on the implementation of a well-designed and comprehensive growth strategy.

The IMF says with the public support that broad consultations can bring, pro-growth reforms and medium-term fiscal consolidation can be mutually reinforcing.

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It adds reforms should aim to enable diversification, both within and beyond the tourism sector.

The IMF believes increasing the domestic value-added in tourism can promote agriculture and rural development, with benefits for job creation and inclusion.

With potential headwinds from a “brain drain,” the IMF says it is a priority to enhance training, education, and health care programs to bolster the supply of skilled labor.

The IMF also says the promotion of sector-specific immigration to target any skill shortages can complement these efforts.

Further efforts to reduce the overall cost of doing business are also a priority to attract private and foreign investment, including in the tourism sector.

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