The World Bank has allocated a $282 million package to support Fiji in enhancing its fiscal, climate, and disaster resilience and bolster private sector development efforts.
The International Development Association, the World Bank’s fund for the most economically disadvantaged countries, provides funding.
The Fiji Growth and Resilience First Development Policy Financing with a Catastrophe Deferred Drawdown Option encompasses a budget support financing of about $214.6 million and provides the option to access an additional $67.8 million in emergency financing in the event of a major crisis or disaster.
This new financial support will drive policy reforms to increase government revenue, ensuring Fiji is better positioned to invest in public services like health and education.
Furthermore, it will enhance disaster preparedness at Fiji’s divisional levels by improving disaster risk planning and promoting healthy school initiatives.
Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, is confident that the World Bank’s support will expedite efforts to build a healthier, more resilient, and sustainable economy while attracting more private sector investment.
The support is intended to create more opportunities for private sector investment in the renewable energy sector and to bolster Fijian Government reforms aimed at simplifying starting and operating a business.
