The government has signed a loan agreement with the Asia Development Bank (ADB) amounting to approximately USD $70 million (FJD $160.3m).
This policy-based concessional loan is intended to support the Fiji Climate Resilience and Sustainable Growth Programme.
Speaking at the signing ceremony held at the Pacific Island Forum in Suva, Minister for Finance Biman Prasad disclosed that the government, over the past six fiscal years (from FY2019-FY2024), has implemented a comprehensive reform programme in collaboration with development partners to enhance Fiji’s governance and public finance management.
Mr. Prasad noted that these reforms are supported through blended financing from development partners, which include concessional loans and grants totaling over $2 billion received during the past six fiscal years.
He mentioned that development partners contributing to the Budget Support programmes for FY 2024 include the World Bank, Asian Development Bank, the Governments of Australia and New Zealand, and the European Union. This collaboration has allowed the Fiji Government to secure almost FJ$542.0 million in Budget Support funding, consisting of concessional loans and grants.
“The policy reform actions have been realized through a coordinated Government effort,” Mr. Prasad stated.
Mr. Prasad pointed out that the ADB’s Programme involves two subprograms, with the second set to be accessed in 2026. The current programme aims to enhance public financial management for fiscal resilience and inclusion, strengthen the enabling environment for private sector development, and boost climate and disaster resilience.