The government signed a loan agreement yesterday with the Asian Development Bank (ADB) worth around USD 70 million (FJD 160.3 million).
This policy-based concessional loan will finance 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 undertaken a comprehensive reform programme with development partners to improve Fiji’s governance and management of public finances.
Mr. Prasad mentioned that these reforms are linked to blended financing from development partners in the form of concessional loans and grants, with over $2 billion received in the past six fiscal years.
“Development partners engaged with the 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 a total Budget Support funding of almost FJ$542.0 million, comprising concessional loans and grants.”
“The policy reform actions have been achieved through a coordinated government effort,” he added.
Mr. Prasad highlighted that the ADB’s Programme consists of two subprograms, with the second one to be accessed in 2026.
The current programme scope includes improving public financial management for fiscal resilience and inclusion, strengthening the enabling environment for private sector development, and enhancing climate and disaster resilience.