Questions have emerged regarding the recent appointment of Filimone Waqabaca as the new chief executive officer of the Fiji Development Bank (FDB). The bank announced his appointment, stating that he will officially start the role on January 15, 2025, nearly six months after the departure of his predecessor, Saud Minam, who had earned considerable respect as one of Fiji’s most qualified banking professionals.
While the announcement was expected, as Waqabaca received congratulations on social media prior to the official release, it nonetheless raises concerns in the industry. There is skepticism about whether Waqabaca, who lacks private sector experience and has spent several years abroad building diplomatic relationships, is the right person to advance the bank’s mission. Critics wonder how well he can navigate the complex landscape of development finance, particularly after the departure of someone with Minam’s credentials.
The FDB’s decision has sparked discussions regarding the selection process, which the bank described as “comprehensive” after hiring KPMG as a recruitment service provider. However, the specifics of the applicant pool remain undisclosed, leading to further scrutiny over the legitimacy of the process.
Waqabaca’s background includes extensive experience in national and regional finance and banking regulatory roles. He currently serves as Fiji’s ambassador to Japan and has held prestigious positions, including High Commissioner to New Zealand. His educational credentials include a Bachelor’s degree in Economics and Management, as well as a Master’s in International Banking and Financial Studies. Over his 35-year career, he has held various significant roles at institutions such as the Reserve Bank of Fiji and the International Monetary Fund.
Despite the controversies surrounding his appointment, Waqabaca expressed enthusiasm about collaborating with the FDB board and staff, committing to contribute to Fiji’s socioeconomic development. The FDB board has voiced confidence in his abilities, citing his qualifications and dedication as assets that will drive the bank toward achieving its objectives of sustainability and competitiveness.
In summary, while doubts linger over Waqabaca’s ability to step into a challenging role, his diverse experience and commitment to the position may offer a positive outlook for the future of the Fiji Development Bank. As he prepares to take on this responsibility, there is hope that his diplomatic and economic expertise will serve to strengthen the institution and enhance its impact within the community.
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