Fiji has secured critical concessional financing of US$200 million to support its response to the ongoing fuel crisis in the upcoming national budget following high-level discussions with the Asian Development Bank during its Annual Meeting in Samarkand, Uzbekistan.
Minister for Finance Esrom Immanuel, along with Reserve Bank of Fiji Governor Ariff Ali, met with the ADB President and senior management in Uzbekistan.
The Ministry of Finance says the exact details are being worked out.
A government statement says the funding will help ease pressure on Government finances, strengthen foreign reserves and support overall economic stability, while offering a more affordable option than domestic borrowing.
It says discussions also advanced key renewable energy initiatives, including the Viti Levu Transmission Project, which will strengthen energy security and support Fiji’s transition to renewable energy.
ADB also confirmed they will scale up support through its Pacific Subregional Office to improve the implementation of priority government programmes.
It says the Cabinet approval was granted for the Minister’s travel, recognising the importance of securing this financing at a critical time for Fiji’s economy.
The statement adds that this outcome reflects the strong partnership between Fiji and ADB in addressing immediate challenges while supporting long-term sustainable growth.
