Fiji is among 15 countries across Asia and the Pacific that have formally requested financial assistance from the Asian Development Bank (ADB) to help cushion the economic impacts of the ongoing conflict in the Middle East.
The ADB has announced a $4 billion financing package aimed at helping member countries manage the effects of rising global uncertainty, including pressure on government finances, tourism, remittances and the cost of essential imports such as fuel and food.
According to the ADB, Fiji is one of several countries that have sought support under the package, alongside Bangladesh, the Philippines and Sri Lanka.
ADB President Masato Kanda says the bank is acting quickly to assist countries experiencing a range of economic challenges linked to the conflict.
Kanda says at this time of acute uncertainty and risk, they are deploying their full suite of crisis response instruments to deliver the tailored and timely support their members' need to safeguard each economies and communities.
The development bank revealed that they have received formal requests from 15 governments, with financing requests ranging from $15 million to $1.5 billion.
The support package includes policy-based loans, countercyclical financing, emergency assistance loans and a mechanism that allows countries to rapidly redirect funds from existing ADB-supported projects towards urgent priorities.
In addition to government financing requests, the ADB has also expanded trade finance support to help countries maintain access to critical imports.
Since March, the bank's Trade and Supply Chain Finance Programme has provided $673 million to support oil and gas imports and a further $390 million to strengthen food security across nine countries affected by global market disruptions.
The ADB says the measures are intended to ease the impact of rising energy prices and supply chain challenges that have emerged as a result of ongoing geopolitical tensions.
While details of Fiji's request have not been disclosed, the country remains vulnerable to fluctuations in global fuel and commodity prices due to its reliance on imported goods and energy supplies.
The ADB says it remains in discussions with additional countries that continue to experience economic impacts from the conflict and stands ready to provide further assistance where needed.
