Government Secures $70m Loan from ADB
Mr Prasad said these reforms are pegged to blended financing from development partners in the form of concessional loans and grants with over $2 billion received over the past six fiscal years.
Friday 02 August 2024 | 15:25
Asian Development Bank (ADB) director-general for the Pacific Leah Gutierrez with Minister for Finance Biman Prasad during the signing on August 1, 2024.
Government yesterday signed a loan agreement with the Asia Development Bank (ADB) of around USD $70 million (FJD $160.3m).
This policy-based concessional loan will finance the Fiji Climate Resilience and Sustainable Growth Programme.
Speaking at the signing event at the Pacific Island Forum in Suva, Minister for Finance Biman Prasad said Government over the past six fiscal years (from FY2019-FY2024) had undertaken a comprehensive reform programme with development partners to improve Fiji’s governance and management of public finances.
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Mr Prasad said these reforms are pegged to blended financing from development partners in the form of concessional loans and grants with over $2 billion received over the past six fiscal years.
“Development partners who are engaged with Budget Support programmes for FY 2024 include the World Bank, Asian Development Bank, Governments of Australia and New Zealand and the European Union,” he said.
“This has enabled the Fiji Government to secure a total Budget Support funding of almost FJ$542.0 million, comprising of concessional loans 2 and grants 3.
“The policy reform actions have since been achieved through a coordinated Government effort.”
Mr Prasad highlighted that the ADB’s Programme comprises of two subprograms, the first with the second accessed in 2026.
The current programme 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.
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