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Bond claims

Nasik Swami
Saturday, October 28, 2017

THE Fiji Labour Party (FLP) says the Green Bonds for climate change was a borrowing mechanism for the debt-ridden government.

Former prime minister and FLP leader Mahendra Chaudhry said paying the proceeds from the bonds into the consolidated fund would put it at risk of being used for government's operating expenditure.

"It is to be noted that parliamentary approval has not been obtained for the $100 million to be borrowed under this scheme," he claimed.

"It would be in contravention of the Finance Act to proceed with the issuance of the bonds without such approval.

"Monies raised for specific purposes must be credited to a trust fund and not the consolidated fund."

At the Pre-COP23 event on Denarau in Nadi last week, Attorney-General and Minister Responsible for Climate Change, Aiyaz Sayed-Khaiyum announced a Fiji Green Bond to raise $100m, the proceeds of which would be channelled directly towards adaptation and climate resilience projects.

Mr Sayed-Khaiyum said the initiative was "a critical part of increasing the flow of climate finance for climate adaptation and resilience".

He said Fiji would be the only third country in the world to raise a Green Bond, the first in the Pacific to do so and the first emerging economy. He said proceeds from the bond would be directed through a number of identified projects so Fiji could build smarter, better and use new technologies.

"Following Tropical Cyclone Winston, the Fijian Government identified the need to bounce back not just in the short term, but also to take into account changing weather patterns to adapt to climate change," Mr Sayed-Khaiyum said.

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