The government has signed a loan agreement with the Asia Development Bank (ADB) for approximately USD $70 million (FJD $160.3 million). This policy-based concessional loan will fund 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 remarked that over the last six fiscal years (FY2019-FY2024), the government has implemented a comprehensive reform program in collaboration with development partners to enhance Fiji’s governance and public financial management.
Mr. Prasad noted that these reforms are supported by blended financing from development partners, consisting of concessional loans and grants, totaling over $2 billion in the past six fiscal years. He mentioned that for FY 2024, development partners engaged in Budget Support programs include the World Bank, Asian Development Bank, Governments of Australia and New Zealand, and the European Union.
This collaboration has enabled the Fiji Government to secure almost FJ$542.0 million in Budget Support funding, comprising both concessional loans and grants. Mr. Prasad emphasized that these policy reform actions have been achieved through coordinated efforts by the government.
He also highlighted that the ADB’s Programme consists of two subprograms, with the second to be accessed in 2026. The current program scope includes improving public financial management for fiscal resilience and inclusion, strengthening the enabling environment for private sector development, and enhancing climate and disaster resilience.