Deputy Prime Minister and Minister for Finance Professor Biman Prasad has urged the World Bank to bolster its support for Fiji’s national development objectives, emphasizing the country’s ambition to become a vital economic hub in the Pacific. This appeal was made during a meeting with World Bank Vice President for East Asia and the Pacific, Felipe Jaramillo, alongside his management team, at the 2025 IMF/World Bank Annual Meetings held in Washington D.C.
In his discussions, Prasad underscored the importance of the World Bank’s partnership, particularly in financing crucial initiatives such as the Correspondent Banking Relationship Project, Regional Trade Facilitation, and the Health Sector Project. His advocacy for increased support aligns with a broader strategy to enhance Fiji’s infrastructure and resilience.
Moreover, Prasad welcomed the recently increased allocations from the International Development Association (IDA21) for Small Island Developing States. He highlighted the need for improved access to concessional financing to adequately support Fiji’s National Development Plan and various infrastructure projects critical to the island nation’s growth.
The discussions also extended to vital areas such as renewable energy, job creation, migration policy, and targeted climate finance, which are particularly relevant to the unique challenges faced by small island economies. Prasad asserted that the continued engagement of the World Bank is essential for building resilience and fostering economic growth throughout the Pacific.
This call for enhanced collaboration and support is in line with prior discussions held by Prasad with other World Bank officials, including a meeting with Managing Director of Operations, Anna Bjerde, focusing on similar development challenges. These ongoing dialogues represent a collective commitment to sustainable growth and resilience in the face of climate change and economic pressures faced by Pacific nations.
With a proactive approach and a commitment to fostering international partnerships, Fiji’s pursuit of sustainable development appears optimistic, as the nation collaborates with global financial institutions to navigate future challenges and enhance its development objectives.
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