The International Monetary Fund has hailed Fiji’s return to democracy and urged the government to accelerate economic reforms.

In a statement the IMF’s executive board urged Fiji to build on the positive development and introduce some reforms, such as a more flexible exchange rate, increasing reserves, broadening the tax base and improving the business environment.

The Executive Directors in welcoming Fiji’s successful national elections said this is expected to boost confidence in the economy.

The statement also said return to democracy will solidify Fiji’s relation with traditional development partners and improve access to concessional development finance.

The IMF Directors have encouraged the Fijian authorities to take advantage of the post-election environment to accelerate the pace of structural reforms in order to support sustainable, higher and broad-based growth, and reduce vulnerability to shocks.