Sunday, February 25, 2024
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Fiji is ambitious but not immune to challenges

Deputy Prime Minister and Minister for Finance, Professor Biman Prasad says the Government is determined to steer its own development agenda in a direction that unlocks new and additional capital.

However this is held back by factors beyond its control.

While launching Fiji’s Sovereign Blue Bond yesterday, Prof Prasad said pandemics, climate change, recessions, geopolitical unrest, conflicts, supply chain uncertainties, escalating costs of global commodities are some of the uncertainties facing the economy daily.

He said Fiji is very ambitious but is not immune to these set of challenges and the Government must come with unique solutions that direct and unlocks new and additional financing (capital).

“This must be done without being at the uncertain mercy of sporadic development finance that seems to mostly be offered when developing countries need to be bailed out of crisis situations that could have well been avoided if such development finance was available in advance to grow the economy, build resilience, strengthen social stability and enhance standards of living.”

The Deputy Prime Minister said Fiji will no longer play the victim in an ever-competitive and shrinking world work of development finance and Fiji needs to help itself – Reaffirming its economic resilience by diversifying its economic base and unlocking the economic potential, its vast ocean space.

“This framework creates a common taxonomy and understanding between Government, as thematic bond issuer, and investors who chose to invest in the sustainable development of Fiji’s future yielding attractive returns.

“The Fiji Government and UNDP began identifying a comprehensive list of national priority projects, which underwent a robust multicriteria elimination process. Shortlisted projects then went through detailed techno-economic assessments and feasibility studies to ascertain potential returns on investment, development impact potential, environmental and non-environmental risks as well as other parameters that helped the Government make an informed selection of robust projects that would benefit from blue bond financing.”

“These projects were then put through the 2023-2024 National Budget process before being endorsed by Parliament as part of the coalition Government’s first ever national budget. We then went on to develop a Bond prospectus along with a comprehensive Monitoring and Evaluation Framework,” Prof Prasad added.

Ilaitia Ravuwai
Ilaitia Ravuwai
Journalist |


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