21 Feb 2006

Bretton Woods institutions begin financial audit in Fiji

9:15 am on 21 February 2006

A team from the World Bank and the International Monetary Fund has arrived in Suva to begin a comprehensive assessment of whether Fiji meets international financial standards.

Fiji TV reports that the stringent assessment will cover everything from the country's banking and justice systems to whether Fiji is meeting its obligations under international anti-terrorism laws.

The chief executive of the justice ministry, Sakiusa Rabuka, says the team will look at financial institutions including the Reserve Bank of Fiji, insurance companies, the motor trade, money lending and the real estate business.

They will also talk to professional institutions such as the Fiji Law Society as well as NGOs and charities.

The last such World Bank-IMF review of Fiji was done in 2002.