The Fijian Government has been given support from the Asian Development Bank to the tune of US $200 million (approx. FJ$426.6m) to fund the final phase of Subprogram 3 Sustained Private Sector-Led Growth Reform Program.
After signing the loan agreement with the development bank in Suva today, the Attorney-General and Minister for Economy, Hon. Aiyaz Sayed-Khaiyum explained that several reforms had been underway and this funding will channel towards the final phase.
“It has been a good opportunity for us- we have been able to carry out several reforms including in the investment environment sector and fiscal management area, and it has been a good partnership,” the A-G said.
He said as announced in the 2020-2021 National Budget, funding that has been received in phases since 2017 has been helping in reforms such as improving the ease of doing business with the removal of business license and stamp duties as well as other initiatives through tax reforms.
ADB’s South Pacific Subregional Regional Director, Mr Masayuki Tachiiri, said the funding would assist not only the reform program of the Fijian Government but also support its measures to cope and rebound COVID-19.
“The loan also supports the reforms to improve public finance management and strengthen the performance of State-owned enterprises,” Mr Tachiiri said.
Both parties acknowledged the role of the Australian and New Zealand Government in helping Fiji access the grant that assisted in the implementation of specific targets that had to be met before further funding could be released.
The A-G also thanked ADB for the technical assistance and one area they have been looking at is the Port Corporation in respect of the viability of relocating the port and its impact.