Immanuel said the funding would support government efforts to stabilize the economy. [Photo: FILE]
The government has defended securing additional financing through the Asian Development Bank, stating it is necessary to protect Fiji’s economy during ongoing global economic uncertainty.
Speaking in Parliament, Finance Minister Esrom Immanuel was questioned on the concessional financing secured through the ADB, including how much of the funding would be directed toward capital development and operational costs.
He said Fiji has secured around $445 million in financing support from the ADB to help cushion the impact of the global fuel crisis and support the upcoming national budget.
“Access to this financing is contingent upon the government achieving policy reform programs. And this is a very critical financing, Mr. Speaker, during this time, as it is anticipated to support the government’s effort in mitigating the ongoing fuel crisis, assisting the foreign reserve, and cushioning the upcoming national budget.”
Immanuel said the funding would support government efforts to stabilize the economy while continuing major infrastructure and development projects.
“The timely and significant budget support loans and grants from our key development partners reflect the confidence in the government to counter cyclical crisis responses and its ability to successfully utilize this financing through key projects and capacity for repayments.”
Meanwhile, Opposition MP Alvick Maharaj questioned how the concessional loan would be divided between capital and operational spending.
The Finance Minister said the exact funding percentages had not yet been determined but noted that the bulk of the concessional financing would be directed toward capital development projects.
The government says the continued support from the ADB reflects international confidence in Fiji’s economic management and its ability to respond to global economic challenges.
