Concerns have emerged regarding the recent appointment of Filimone Waqabaca as the chief executive officer of the Fiji Development Bank (FDB). His appointment was announced yesterday, with an official start date set for January 15, 2025. This timing follows the earlier decision to place his respected predecessor, Saud Minam, on garden leave.
Waqabaca’s upcoming role came as little surprise after he received widespread congratulations on social media, suggesting that the news had been somewhat anticipated within industry circles. However, the bank’s chairman, Darnen Goundar, had previously delayed the formal announcement, perhaps due to ongoing industry concerns about Waqabaca’s ability to meet the expectations set by his predecessor.
Critics have raised questions about Waqabaca’s suitability, noting his lack of private sector experience and highlighting that his recent diplomatic assignments may not directly translate to the developmental finance challenges faced by the bank. Some noted that he has previously expressed interest in higher positions, such as Governor of the Reserve Bank of Fiji.
In the context of his selection, FDB indicated that a thorough recruitment process was conducted with the assistance of KPMG, though the specifics regarding the number of applicants remain undisclosed. The bank’s reference to Waqabaca’s “wealth of experience” was met with skepticism by some commentators, who questioned the validity of this claim.
Waqabaca’s background includes extensive experience in finance and banking regulation on both national and international levels. He has served as Fiji’s ambassador to Japan and previously held the position of High Commissioner to New Zealand. His educational qualifications include a Bachelor’s degree in Economics and Management from the University of the South Pacific and a Master’s in International Banking and Financial Studies from the University of Southampton.
During his 35-year career, Waqabaca has held various key roles, including positions at the Reserve Bank of Fiji, the Pacific Islands Forum Secretariat, and the International Monetary Fund. He has also served as permanent secretary in several governmental departments.
Expressing a forward-looking vision, Waqabaca stated his eagerness to collaborate effectively with the FDB board and staff to drive the bank’s objectives and contribute to Fiji’s socioeconomic development. The board has expressed confidence in Waqabaca’s capabilities, highlighting his qualifications and passion as key factors that will contribute to the bank’s sustainability and competitiveness.
In summary, while Waqabaca’s appointment has raised questions, his extensive background in finance and diplomacy could provide a unique perspective that could benefit the development of the Fiji Development Bank. The hope is that with adequate support and a collaborative effort from the existing team, FDB can continue fulfilling its mandate and positively impact the socio-economic landscape of Fiji.
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