A call has been made for a thorough review of the Fiji Development Bank (FDB) to modernize its operations and effectively fulfill its role in supporting the government’s development agenda. This request was presented by Sakiusa Tunabuna, the Chairperson of the Parliamentary Standing Committee on Economic Affairs, while discussing FDB’s consolidated annual reports for 2022 and 2023. Although the bank has achieved commendable milestones, concerns have arisen regarding its performance metrics and financial focus.
Tunabuna pointed out that the last independent review of the bank’s operations occurred in 2004, indicating a pressing need to assess how FDB can better serve its clients amidst evolving economic landscapes. He noted that the bank’s current emphasis on staff benefits seems to overshadow its primary mission of leveraging finance to enhance key sectors prioritized by the government.
During the review process, the Committee engaged with FDB representatives and stakeholders to clarify findings in annual reports. This engagement provided valuable insights into challenges faced by clients in securing loans and managing nonperforming loans, highlighting necessary improvements in FDB’s service delivery.
These discussions align with a broader evaluation of the bank’s role in catalyzing economic growth. The intention is to create actionable recommendations that help strengthen partnerships between FDB and government agencies, ultimately enhancing support for local businesses and communities.
In light of a positive trajectory shown in recent financial reports, where FDB reported profits of $5.5 million for 2024, this review signals hope for the bank’s continued evolution. By addressing identified issues and focusing on better client support, FDB can further solidify its commitment to fostering economic resilience and development in Fiji.
Overall, this initiative presents an opportunity for FDB to enhance its operational framework, ensuring it remains a vital partner in driving Fiji’s economic goals while reaffirming its dedication to the community it serves.
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