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Fiji Time: 1:37 PM on Thursday 20 June

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Moody meet plan

Elenoa Baselala
Saturday, September 08, 2012

A FIJI delegation will be meeting Moody's officials during the annual meeting of the International Monetary and World Bank in mid-October, The Reserve Bank of Fiji said.

"We will be updating officials from Moody's about Fiji's performance, reforms undertaken, revised statistics and the status of the election program," RBF governor Barry Whiteside said.

His comments follows Moody's recent assessment of the Fijian economy, in which the investor service's outlook on GDP growth and inflation differed from that of the RBF.

"Moody's will be visiting Fiji in late October/early November for meetings with stakeholders. We hope that with effective dialogue and full information as well as a visit to Fiji, Moody's will be in a position to make a comprehensive assessment of Fiji," Mr Whiteside said.

Moody's had assessed our GDP growth to be 1.5 per cent while the current estimate is 2.7 per cent. It also expected inflation to hover around 5 per cent while the RBF estimate is 3.5 per cent. "Inflation in July was 4.0 percent. Despite the March-April floods, the supply of most market items affected was restored in May and related prices have stabilised. However, more recently global food prices rose again due to weather related problems in key grain producing countries.

"However, this rise is not expected to be as significant and persistent as that experienced in 2008 due to the current weak global demand. The year-end inflation forecast remains unchanged at 3.5 percent," governor Whiteside said.