The government has signed a loan agreement with the Asia Development Bank (ADB) worth approximately USD $70 million (FJD $160.3 million).
This concessional loan will fund the Fiji Climate Resilience and Sustainable Growth Programme. During the signing event at the Pacific Island Forum in Suva, Minister for Finance Biman Prasad stated that over the past six fiscal years (from FY2019-FY2024), the government has implemented a comprehensive reform programme with development partners to enhance Fiji’s governance and public finance management.
Mr. Prasad mentioned that these reforms have been supported by blended financing from development partners in the form of concessional loans and grants, totaling over $2 billion in the last six fiscal years.
“Development partners involved with Budget Support programmes for FY 2024 include the World Bank, Asian Development Bank, Governments of Australia and New Zealand, and the European Union,” he said.
“This has enabled the Fiji Government to secure total Budget Support funding of nearly FJ$542.0 million, consisting of concessional loans and grants.
“The policy reform actions have been achieved through a coordinated Government effort.”
Mr. Prasad pointed out that the ADB’s Programme includes two subprograms, with the second one to be accessed in 2026. The current programme scope 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.