The government has signed a loan agreement with the Asia Development Bank (ADB) amounting to approximately USD 70 million (FJD 160.3 million). This policy-based concessional loan will support 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 (FY2019-FY2024), the government has implemented comprehensive reform programs with development partners to enhance governance and management of public finances in Fiji.
Mr. Prasad noted that these reforms are supported by blended financing from development partners through concessional loans and grants, with over $2 billion received over the past six fiscal years.
He mentioned that development partners involved in Budget Support programs for FY 2024 include the World Bank, the Asian Development Bank, the Governments of Australia and New Zealand, and the European Union.
“This has enabled the Fiji Government to secure a total Budget Support funding of almost FJ$542.0 million, comprising concessional loans and grants,” he added.
“The policy reform actions have been achieved through coordinated government efforts,” said Mr. Prasad.
He pointed out that the ADB’s Programme comprises two subprograms, with the second one being accessed in 2026. The current program focuses on improving public financial management for fiscal resilience and inclusion, strengthening the enabling environment for private sector development, and enhancing climate and disaster resilience.