Deputy Prime Minister and Minister of Finance Professor Biman Prasad

Fiji and the Pacific Islands continue to face unique challenges that have been exacerbated in recent years.

Deputy Prime Minister and Minister of Finance Professor Biman Prasad highlighted this while delivering a statement at the 56th Annual Meeting of the ADB Board of Governors in South Korea.

Prasad says for Fiji, the shocks of the COVID-19 pandemic and a series of natural disasters in late 2020 and early 2021 devastated the economy, jobs, government revenues, and socioeconomic conditions.

Prasad says ADB’s long-standing partnership and extraordinary support with development partners during the crisis, are allowing us to recover quickly and strongly.

“While recovery is on track, extensive damages are far-reaching. We are now facing a triple threat from excessively high government debt, delayed investment in critical infrastructure, the impact of unforeseen shocks from climate change, and other global and local risks that require urgent attention.”

Prasad says Fiji as a nation must intensify its effort to combat climate change, loss of biodiversity, and rising inequality and build a sustainable and inclusive economy for the future, underscoring the need to mainstream climate change adaptation strategies across all development sectors in line with the 2050 Blue Pacific Strategy.

“We see that ADB’s continued support for Fiji is now more than ever needed to help pave the way out of the critical challenges the economy faces and promote future sustainable growth and development.”

Prasad adds they are aware of ADB’s ongoing investment in achieving climate resilience development in many of the member countries.

However, it is important to increase momentum to ensure that economic growth is achieved in Fiji and the Pacific, which are the most vulnerable nations in the face of climate change given their extreme vulnerabilities and financial and structural barriers.

He adds that improved access to concessional financing grant funding is vital, especially for vulnerable small developing states building climate resilience and rebuilding macro-fiscal buffers lost during the pandemic.

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