The government has signed a loan agreement with the Asian Development Bank (ADB) for 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, Finance Minister Biman Prasad stated that the government had implemented a comprehensive reform programme over the past six fiscal years (from FY2019-FY2024) in collaboration with development partners to enhance Fiji’s governance and public finance management.
Prasad noted that these reforms are linked to blended financing from development partners in the form of concessional loans and grants, with Fiji receiving over $2 billion in the past six fiscal years. He mentioned that development partners involved in the Budget Support programmes for FY 2024 include the World Bank, Asian Development Bank, Governments of Australia and New Zealand, and the European Union.
“This has allowed the Fiji Government to secure almost FJ$542.0 million in total Budget Support funding, consisting of concessional loans and grants,” Prasad said. “The policy reform actions have been achieved through a coordinated Government effort.”
Prasad emphasized that the ADB’s Programme comprises two subprograms, with the second to be accessed in 2026. The current programme scope includes enhancing public financial management for fiscal resilience and inclusion, strengthening the enabling environment for private sector development, and improving climate and disaster resilience.