The Fijian Government has received a $72 million standby loan from the Japanese government, a significant development for those interested in Fijian news, sports, and international relations.
This loan has an interest rate of 0.4% per annum, a 40-year repayment period, and a 10-year grace period.
However, the loan is conditional on the Fijian government meeting specific policy reform actions.
These actions involve significant investments in disaster risk reduction to enhance the country’s resilience and improve response effectiveness.
The loan funds can only be utilized after the Fijian Cabinet declares a state of natural disaster, following the advice of the National Disaster Management Council.
Professor Biman Prasad stresses the importance of maintaining strong macroeconomic and public financial management strategies in Fiji’s efforts to build resilience and recover from natural disasters, given the country’s high vulnerability.
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