Fiji given access to IDA funds
October 13, 2019 12:36 pm
Fiji has now been given access to International Development Association funds even though it has been classed as a middle income country.
Minister for Economy Aiyaz Sayed-Khaiyum says this concessional funding is part of the grant work that will be discussed at the International Monetary Fund and World Bank’s annual meeting which starts tomorrow at Washington D.C.
He says the IDA funding places Fiji in a better position to understand risks associated with climate change.
“We have been trying to push the envelope in respect of saying even though we maybe a middle income country but we need to be able to understand the risks we face because of climatic changes. For example Cyclone Winston wiped out a third of our GDP almost in 36 hours, so how do we need to get access to IDA funds.”
However, Sayed-Khiayum says Fiji as well as other countries seeking IDA funding have to meet certain criteria.
“IDA funds are essentially concessional funding so every year we need to put out a plan as to what type of projects you need the funding for then we’ll qualify for the IDA funds. So thats some of the grant work that we’ll also be doing in the next week and meeting with various officials in the world bank.”
The Minister for Economy is leading a Fiji delegation at Washington D.C this week to chair the International Monetary Fund and World Bank’s annual meeting for the first time which begins tomorrow.