World Bank approves $102m loan to Fiji

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Elina Nayala (left) and her grandchildren sit on the steps of her Nabua Muslim League settlement home that was damaged by TC Ana recently. The World Bank has announced the provision of a $102 million credit facility to Fiji to support recovery from the impacts of COVID-19 and severe tropical cyclones Harold and Yasa. Picture: JOVESA NAISUA

THE World Bank has announced the provision of a $US50 million ($F102 million) credit facility to Fiji. In a press statement, the World Bank stated the transaction was to support Fiji’s recovery from the impacts of COVID-19 and severe tropical cyclones Harold and Yasa.

The project would have a special focus on women who had been “disproportionally affected by the crisis”.

The World Bank stated in the past 12 months, Fiji’s tourism sector had been brought to a virtual standstill because of COVID-19 and the socio-economic impact had been exacerbated by five cyclones since January 2020.

“These external shocks have resulted in an economic contraction of 19 per cent in 2020 and a rise in unemployment to 27 per cent – the most severe contraction in Fiji’s history,” the statement read.

The World Bank stated in response to the challenges, it unveiled the Fiji Social Protection COVID-19 Response and System Development Project.

It stated this followed the recent approval of the World Bank Group’s new Country Partnership Framework for Fiji which would support Government’s COVID-19 relief measures “with a particular focus on cash transfers targeting Fijians in the formal sector who have lost their jobs or have had their working hours reduced as a result of COVID-19 through the Fiji National Provident Fund (FNPF)”.

Agriculture Minister Dr Mahendra Reddy said according to a ministry survey, 1182 households headed by females were affected by STC Yasa. He also said approximately 23,725 households affected by STC Yasa were in need of immediate assistance.

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