The government has signed a loan agreement for approximately USD $70 million (FJD $160.3 million) with the Asian Development Bank (ADB). This concessional loan will fund the Fiji Climate Resilience and Sustainable Growth Programme.
During the signing event at the Pacific Island Forum in Suva, Finance Minister Biman Prasad stated that the government had embarked on a comprehensive reform program over the past six fiscal years (FY2019-FY2024) with development partners, aimed at enhancing Fiji’s governance and public finance management.
Mr. Prasad noted that these reforms have been facilitated through blended financing from development partners in the form of concessional loans and grants, receiving over $2 billion within the same period.
He mentioned that development partners involved in the 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 collaboration has allowed the Fiji Government to secure nearly FJ$542.0 million in total Budget Support funding, consisting of both concessional loans and grants.
Mr. Prasad emphasized that these policy reform actions have been accomplished through a coordinated government effort. The ADB’s Program consists of two subprograms, with the second one accessible 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.
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