The government signed a loan agreement with the Asia Development Bank (ADB) for approximately USD $70 million (FJD $160.3 million) yesterday. 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, Minister for Finance Biman Prasad stated that over the past six fiscal years (FY2019-FY2024), the government has engaged in a comprehensive reform programme with development partners to enhance Fiji’s governance and public financial management.
Mr. Prasad noted that these reforms have been supported by blended financing from development partners, including concessional loans and grants, amounting to 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, the governments of Australia and New Zealand, and the European Union.
“This has enabled the Fiji Government to secure total Budget Support funding of almost FJ$542.0 million, comprising concessional loans and grants,” he said.
“The policy reform actions have been achieved through coordinated government efforts.”
Mr. Prasad also pointed out that the ADB’s Programme consists of two subprograms, with the second to be accessed in 2026. The current programme 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.