Ritika Pratap 
[Photo: SUPPLIED]
The Asian Development Bank will deploy $210 million to help Fiji contain the economic fallout from the Middle East conflict, protect households and businesses, and prepare for future economic and environmental shocks.
ADB President Masato Kanda says readiness is a duty owed to every family whose livelihood can be upended by the next shock.
Kanda says Fiji is acting on that duty now.
He adds that this $210 million package will help keep essential services running, protect people under pressure, and give the government the power to mobilise when every hour counts.
Fiji faces challenges common to small island developing states, such as remote locations, small and dispersed populations, the outward migration of skilled workers, high costs of doing business, and limited access to finance.
Persistently high energy prices due to the Middle East conflict and the anticipated impacts of El Niño are likely to slow economic growth this year.
Kanda adds that the financing is for the second phase of the ADB-led Fiji Sustainable and Resilient Growth Program, and comprises a $200 million loan for policy reforms and a $10 million loan for disaster financing.
The first phase of the program helped Fiji improve tax administration, strengthen public financial management, modernise digital payment systems, and reform its disaster response framework.
He states that to further boost resilience, the second phase builds on those reforms while supporting new measures to expand access to finance, strengthen disaster risk management, advance digital transformation, and enhance fiscal sustainability.
Kanda says it also introduces financing to help the government respond rapidly to future emergencies.
