The government has signed a loan agreement with the Asian Development Bank (ADB) amounting to approximately USD 70 million (FJD 160.3 million).
This policy-based concessional loan is intended to finance the Fiji Climate Resilience and Sustainable Growth Programme.
At the signing event held at the Pacific Island Forum in Suva, Minister for Finance Biman Prasad highlighted the government’s comprehensive reform programme undertaken over the past six fiscal years (FY2019-FY2024) with development partners to enhance Fiji’s governance and public financial management.
Mr. Prasad mentioned that these reforms have been supported through blended financing from development partners in the form of concessional loans and grants, amounting to over $2 billion over the past six fiscal years.
“Development partners engaged in Budget Support programmes for FY 2024 include the World Bank, Asian Development Bank, the Governments of Australia and New Zealand, and the European Union,” he stated.
“This collaboration has enabled the Fiji Government to secure a total Budget Support funding of almost FJD 542.0 million, comprising both concessional loans and grants.”
He also emphasized that the policy reform actions have been achieved through coordinated government efforts.
Mr. Prasad noted that the ADB’s Programme includes two subprograms, with the second one to be accessed in 2026.
The current programme scope covers improvements in public financial management for fiscal resilience and inclusion, enhancing the environment for private sector development, and boosting climate and disaster resilience.