Kreetika Kumar 
(L-R) Prime Minister of Tonga, Honorable Aisake Valu Eke, ADB Vice President Roberta Casali, Deputy Prime Minister and Finance Minister Professor Biman Prasad [Source: Biman Prasad DPM/ Facebook]
Fiji has reaffirmed its commitment to supporting the Asian Development Bank’s local currency financing initiative.
Deputy Prime Minister and Finance Minister Professor Biman Prasad attended a high-level event organised by the ADB during its 58th Annual Meeting to acknowledge Fiji’s instrumental support in enabling ADB to provide local currency financing options for private sector development in the country.
The event marked a significant milestone in ADB’s efforts to deepen financial markets in the Pacific, with mechanisms now successfully established in both Fiji and Tonga to facilitate the issuance of bonds in domestic markets.
These mechanisms are designed to allow ADB to mobilize local currency resources, reducing foreign exchange risks for domestic borrowers and unlocking much-needed private sector investment.
In his remarks, DPM Prasad emphasized that this initiative is a critical step toward accelerating capital market development in Fiji.
He notes that access to local currency finance will allow ADB to support private sector projects that may fall outside the purview of traditional commercial lending, while also providing valuable technical assistance to ensure their success.
He also encouraged ADB to explore similar local currency financing avenues for the government on concessional terms, as this would support our efforts to maintain a prudent balance between domestic and external public debt
ADB Vice President Roberta Casali expressed appreciation to both Fiji and Tonga for their close collaboration and strong support in operationalizing this initiative.
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