Fiji Time: 11:10 AM on Wednesday 21 March

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Low World Bank ranking

Luke Nacei
Friday, March 09, 2018

"THE World Bank is not always correct."

Minister for Industry, Trade and Tourism Faiyaz Koya made this claim while responding to a supplementary question by National Federation Party leader and Opposition member Professor Biman Prasad in Parliament on Wednesday.

Prof Prasad questioned Mr Koya as to why the country received lower ranking by the World Bank on the ease of growing business.

"Despite the reforms, you have not been able to achieve anything," Prof Prasad claimed.

In his response, Mr Koya said over the past five years, the ministry had recorded an average growth of 4.5 per cent.

This, he said, had been the highest recorded for decades the nation ever received.

Meanwhile, Mr Koya yesterday also revealed that the reason of the review of Fiji's Investment Policy and Act through the collaboration between the ministry and the World Bank Group/International Finance Corporation was to develop a new investment policy on a modern investment law and regulation that would be able to adapt to what was now a change in economic environment.

"This is due to the fact the current Foreign Investment Act is almost two decades old," he said.

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