Fiji has applied for a $320million loan from the Asian Development Bank (ADB), with co-financing of $128 million from the Australian government, according to the proposed policy-based loan documents filed with the ADB.
The loan will be under the Sustainable and Resilient Recovery Program and will be used for law and judiciary, public expenditure and fiscal management and social protection initiatives.
The ADB documents reveal Australia will provide an additional $128 million as co-financiers that will bring the total loan amount to Fiji to $448 million.
Out of the ADB $320 million – law and judiciary will get $106 million, public expenditure and fiscal management will be allocated $160,000 and social protection initiatives will receive $53m.
“The Sustainable and Resilient Recovery Program supports Fiji to undertake reforms to promote a green, inclusive, and climate-resilient pathway for growth following the coronavirus disease (COVID-19) pandemic,” states the ADB document.
The financial assistance will improve public financial management for fiscal resilience and debt sustainability, implement inclusive fiscal and social policies for community resilience, and strengthen the enabling environment for resilient private sector recovery, says the ADB.
“It is aligned with the Asian Development Bank (ADB) strategy 2030 operational priorities of tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability; strengthening governance and institutional capacity; and accelerating progress in gender equality.”
The ADB says it will carry out a fact-finding mission to Fiji in March, hold loan negotiations in April with loan approval and signing in May.
