Govt Financial Institutions to facilitate economic development

Submitted by TemoL on Fri, 07/03/2009 - 09:25

Government for the next 3 years will focus on the economy by working alongside financial institutions in facilitating initiatives that are pro-growth and pro-poor says Prime Minister Commodore Voreqe Bainimarama.

PM Bainimarama said the role of financial institutions is critical to facilitating economic development.

“Effective partnership between financial institutions, Government and the private sector would create the impetus and environment for a national approach to create better investment and savings opportunities,” he said.

In applauding and acknowledging the Reserve Banks initiative to cap interest rate spread at 4 per cent by January 2010 Prime Minister Bainimarama said this initiative needs to be seriously considered.

“This initiative shall make borrowings attractive in particular for investment purposes,it will encourage savings and facilitate retention of monies in Fiji.

“It will overall contribute to stimulating and providing the much needed dynamism to the commercial sector and the economy,” Mr Bainimarama said.

Emphasizing that government is a government of change, Mr Bainimarama urged Fiji to take the opportunity to contribute in modernizing,seeking incentives and contributing to the development of a sustainable economy and its growth.

“From now until 2014 and in particular from now until September 2012 will be a period of immense change for the betterment of Fiji and her people.

“This period will offer opportunities- opportunities for employees,for civil service and the international community and multi-lateral agencies to contribute to and be part of the imminent changes,” he said.