Deputy Prime Minister and Minister for Finance, Hon. Biman Prasad had a robust discussion with the ADB President, Mr. Masatsugu Asakawa at the 57th ADB Annual Meeting in Tbilisi, Georgia.
This high level meeting focussed on the new National Development Plan and Fiji's strategic priorities, the formulation of the new 2024 - 2028 Country Partnership Strategy (CPS) which will guide ADB's operations in Fiji, the access to concessional lending and grants, private sector development and regional integration.
DPM Prasad expressed his gratitude to the ADB President for his visit to Fiji last year and for announcing the favourable lending terms for Small Island Developing States (SIDS), including Fiji.
He also acknowledged ADB’s instrumental role in providing substantial direct financial support, approximately US$400 million since the pandemic, which notably expedited Fiji’s economic recovery. As Fiji’s largest development partner and lender, ADB’s outstanding loans stand at around US$620 million (F$1.4 billion).
Emphasising the importance of climate-resilient infrastructure investments, DPM Prasad stressed the indispensable nature of blending concessional loans with grants. He lauded ADB’s recent capital management reforms, unlocking $100 billion for the next decade, and urged equitable distribution of these resources, with a proportion directed towards smaller members through enhanced concessional financing and grants. Notably, he advocated for the incorporation of loss and damage funds for vulnerable members via the Asian Development Fund.
Furthermore, DPM Prasad shared Fiji's development and strategic priorities, both immediate and long-term, which will form part of the new National Development Plan. He highlighted the need for the seamless alignment between the forthcoming Fiji-ADB CPS 2024-2028 and Fiji’s national plan.
The importance of fostering private sector development and bolstering the ADB regional office with resources and innovative mechanisms to support SMEs and women entrepreneurs was also highlighted.
Moreover, DPM Prasad emphasised the transformative potential of fostering deeper and meaningful regional cooperation and integration among Australia, New Zealand, and the Pacific region to facilitate ease of doing business and seamless movement of people, positing this as a potential game-changer.
He advocated for ADB to spearhead regional projects in vital sectors such as education and health to engender regional public goods, fostering the development of a more interconnected and resilient Pacific community.
DPM Prasad has a lineup of high-level events to attend, which includes the Pacific Developing Member Countries (PDMC) meeting, Japan-Pacific meeting, panel discussion on climate financing, constituency meeting, Governors plenary sessions, and several bilateral meetings during the week. He is accompanied by the Governor of the Reserve Bank of Fiji, Permanent Secretary for Finance and other senior officials.