Good news for members of the Pacific Financial Technical Assistance Centre including Fiji as the United States Embassy has contributed $4.07m.

The US together with the International Monetary Fund has signed a letter of understanding to become the 7th donor of the PFTAC (PIFTAC)

Deputy Governor of the Reserve Bank of Fiji, Esala Masitabua, says this contribution is crucial with the many challenges associated with financial stability that have emerged in the Pacific and the world due to COVID-19.

“And in terms of the areas that have benefited that most, I would think probably tax, a lot of support they got for the tax reforms. There is also the Ministry of Economy and us at the Reserve Bank, we have benefited immensely from programs around ensuring financial stability.”

Meanwhile, PFTAC Centre Coordinator David Kloeden says the centre is the first of the International Monetary Fund regional technical assistance centres.

Kloeden adds that the centre focuses on promoting macro-financial stability in the Pacific and it provides assistance to 16 Pacific Island Countries including Fiji.