PM seeks further funding from ADB

PM seeks further funding from ADB

Wednesday 04/05/2011
Prime Minister Commodore Voreqe Bainimarama has sought further funding from the ADB to allow Fiji to achieve its development objectives.

In a meeting with the president of ADB Haruhiko Kuroda at the 44th Annual Meeting of the Board of Governors, Commodore Bainimarama briefed him on the latest economic development in the country and the status of ADB funded projects.

He reiterated the country’s request for further reengagement with Fiji, saying the bank’s funding was to allow Fiji to achieve its development objectives.

Kuroda however stated that there were some hurdles to the prospects of reengagement, including the situation in Fiji and added that engagement with the IMF was beneficial as it provided the framework for assistance towards key reforms and also facilitated full reengagement with the bank.

Kuroda added that any assistance from the ADB would be limited to technical assistance.

Commodore Bainimarama told Kuroda that one reason for deferring engagement with the International Monetary Fund for a standby arrangement program was because of the unfavorable conditions demanded by the IMF.

Meanwhile, Commodore Bainimarama also informed Kuroda that Fiji supported his intention to seek reelection for a second term in office.

Story by:
Paradise Tudrau

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