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International Monetary Fund. Asia and Pacific Dept

guarantees transparently, and for the authorities to prepare contingency plans in the event that some of these contingent liabilities need to be taken on to the public balance sheet. Further progress on strengthening the management of SOEs, clarifying the relationship vis-à-vis government, and setting a high bar for transparency and governance will be essential to minimizing future risks. 5 Contingent Liabilities, 2015–2021 (In percent of GDP) Source: Fiji authorities. Authorities’ Views 16. The authorities agreed with the need to support the recovery in

International Monetary Fund. Asia and Pacific Dept
Fiji has been among the hardest hit by the pandemic—with infection rates at one point among the highest in the world. Despite swift action by the government to close borders, protect the population, and mitigate the worst economic effects, the economic contraction was the worst in Fiji’s history. The crisis has come at a heavy social cost, including large-scale layoffs, surging unemployment, and high non-performing loans. Multilateral and bilateral support has been critical in helping Fiji weather the worst of the crisis and has facilitated a strong government response—including rapid acceleration of the government vaccination program underpinning Fiji’s reopening to international tourism.