FORMER Governor of the Reserve Bank of Fiji Savenaca Narube has warned small island states to take tougher measures in order to counter future economic crisis. Mr Narube was speaking in Honiara on Tuesday on the topic: “Surviving in these turbulent economic times: The challenges of the region".
Economic Association of Solomon Islands (EASI) organised the forum.
Mr Narube said if another economic crisis occurs again in future, it will be more turbulent and serious than what has just been experienced.
He said although the world had slowly recovered from the economic downturn many island countries are still feeling its impact. He added island government must work hard to reduce the impact of the crisis through proper leadership, road map plan, partnership and restructuring program. “There should be more action and less talking,” he said. Mr Narube said the crisis had affected government revenue, foreign reserves, debts, unemployment and social security.
“Therefore we see a rise in deficit, oil price, inflation, loss of income, poverty, decline in law and order,' he said. Mr Narube described the situation as “being caught in a triple whammy”.
The Fijian said governments should make wise decisions to use their scarce resources and look for more investment.
"But the foundation is to have more stability," he said. Mr Narube, who is now with the Asian Development Bank (ADB) as a consultant under the Pacific Economic Management (PEM) Program, said government, development partners and the Central Bank must work together to enhance development programs.
Mr Narube had a very wide experience in central banking and government sectors. He served in the Fiji government as permanent secretary for finance and has a long distinguished career with the Reserve Bank of Fiji.
Mr Narube was removed by Fiji's interim Prime Minister Commodore Frank Bainimarama after taking over the government more than a year ago.
Up to 50 people from the Central Bank, government departments, development partners, NGOs and the media attended the talks on Tuesday.
By MOFFAT MAMU
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