The government signed a loan agreement with the Asia Development Bank (ADB) for approximately USD 70 million (FJD 160.3 million) yesterday.
This policy-based concessional loan will fund the Fiji Climate Resilience and Sustainable Growth Programme.
At the signing event during the Pacific Island Forum in Suva, Finance Minister Biman Prasad stated that over the past six fiscal years (FY2019-FY2024), the government has undertaken a comprehensive reform programme with development partners to enhance Fiji’s governance and management of public finances.
Mr. Prasad noted that these reforms are supported by blended financing from development partners in the form of concessional loans and grants, with over $2 billion received over the past six fiscal years.
“Development partners engaged with Budget Support programmes for FY 2024 include the World Bank, Asian Development Bank, the governments of Australia and New Zealand, and the European Union,” he said.
“This has enabled the Fiji Government to secure a total Budget Support funding of almost FJ$542.0 million, consisting of concessional loans and grants.”
Mr. Prasad emphasized that the policy reform actions have been achieved through a coordinated government effort.
He highlighted that the ADB’s Programme consists of two subprograms, with the second becoming accessible in 2026. The current programme aims to improve public financial management for fiscal resilience and inclusion, strengthen the enabling environment for private sector development, and enhance climate and disaster resilience.