Asian Development Bank President Masatsugu Asakawa and Economy Minister Aiyaz Sayed-Khaiyum

Asian Development Bank President and Economy Minister Aiyaz Sayed-Khaiyum have discussed how ADB can support Fiji in its fight against COVID-19.

Masatsugu Asakawa says they will consider all options, including policy-based lending, that can be approved and disbursed in a timely manner.

During the discussion, Sayed-Khaiyum stressed that the disruptions to global supply chains are already proving detrimental to the Fijian economy.

Sayed-Khaiyum says the crisis demands an unprecedented multilateral response and they are encouraged by ADB’s willingness to support Fiji in responding to and recovering from this pandemic.

Fiji has requested a $460 million policy-based loan as part of subprogram 3 of the ongoing ADB-supported Sustained Private Sector-Led Growth Reform Program.

Part of the proposed loan would help fund Fiji’s response to the COVID-19 outbreak.

The request will be considered by ADB’s Board of Directors in the coming months.

On 18th March, ADB announced an initial package of approximately $6.5 billion to address the immediate needs of its developing member countries, including Fiji, as they respond to the COVID-19 pandemic.

ADB stands ready to provide further financial assistance and policy advice whenever the situation warrants.

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