[Source: Fiji Government/Facebook]

Finance Minister Professor Biman Prasad has lauded the Asian Development Bank for their recent capital management reforms, unlocking $100 billion for the next decade.

However, Prasad stressed that these resources must be distributed fairly with a proportion directed towards smaller members through enhanced concessional financing and grants.

Prasad made the comments during a discussion with ADB President Masatsugu Asakawa at the 57th ADB Annual Meeting in Tbilisi, Georgia.

The Deputy Prime Minister also advocated for the incorporation of loss and damage funds for vulnerable members via the Asian Development Fund.

The high-level meeting focused on Fiji’s National Development Plan and strategic priorities, and the formulation of the 2024-2028 Country Partnership Strategy which will guide ADB’s operations in Fiji.

The leaders also spoke about access to concessional lending and grants, private sector development and regional integration.

Prasad expressed his gratitude to ADB’s instrumental role in providing substantial direct financial support, approximately US$400 million since the pandemic, which notably expedited Fiji’s economic recovery.

As Fiji’s largest development partner and lender, ADB’s outstanding loans stand at around $1.4 billion.

Emphasising the importance of climate-resilient infrastructure investments, Prasad stressed the indispensable nature of blending concessional loans with grants.