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PM signs $200m emergency loan agreement with Japan

February 22, 2021 4:58 pm
Prime Minister Voreqe Bainimarama [right] with the Japanese Ambassador to Fiji Kawakami Fumihiro [Photo: Supplied]

Prime Minister Voreqe Bainimarama today signed a loan agreement with the Japanese Government for emergency loan of $200 million as part of COVID-19 response to revitalize the local economy.

Bainimarama says the loan will allow to further strengthen the COVID-19 defenses particularly public health systems.

He adds it will also equip the frontline workers as Fiji prepares to step through the door for post pandemic future.

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The PM says the key for post pandemic future is vaccine and Fiji is already advocating for the equitable access to the vaccine.

“We cannot wait on the wealthy world’s recovery. We must see our people protected alongside American, Australians, Kiwi, Japanese and the rest of the developed world. Anything short of that will be a medical failure”.


Prime Minister Voreqe Bainimarama signs a loan agreement with the Japanese Government [Photo: Supplied]

The Prime Minister also highlighted that the deferment of the 2020 Olympics was marked the most sobering.

“Your plans to host the global games this summer in Tokyo gives us all hope that life as we knew it is within rich. We look forward to watching team Fiji compete in our chance to defend our gold medal in rugby sevens”.

Japanese Ambassador to Fiji Kawakami Fumihiro says this loan is the largest in Japans loan history of aid and assistance to Fiji.

“I am very pleased to say that Japan will provide a total funding of approximately $200m which equates to approximately 12 percent of Fiji’s total revenue this fiscal year”.

The $200m loan comes with concessions such as a 0.01% interest rate and 15 years of repayment period with 4 years grace period.

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