The International Monetary Fund is expected to make an announcement by November on whether it will provide the Fiji government with a standby loan arrangement to support Fiji's reforms and debt obligations as a bullet payment of $300 million is due for payment in September next year.

IMF's Media Relations Officer Yoshiko Kamata confirmed to Fijivillage that a small IMF staff team led by Jonathan Dunn visited Suva last week to discuss the latest macro-economic developments with the authorities and meet with donors.

He said the discussion was also based on the preparation for possible further discussions on a program to support Fiji's reform efforts.

Kamata said the annual IMF Article IV mission will be in Fiji in November and that mission will brief the press on its visit and any further developments.

The IMF team met with Prime Minister Commodore Voreqe Bainimarama and Senior officials of the Finance Ministry and also held talks with the Governor of the Reserve Bank of Fiji.

The Fiji government expressed interest for possible balance of payment support from the IMF through a request made in February 2010.

As a member, Fiji is entitled to seek support from the IMF which is available through a standby loan arrangement.

The Fiji government has to pay off a US$150 million or Fijian $300 million plus seven percent interest on funding rose through International bonds by the Qarase government in September 2006.

This payment has to be made through a bullet payment or one off payment in September 2011.


Story by: Roneel Lal