Deputy Prime Minister and Minister for Finance Professor Biman Prasad says there is the urgent need to increase climate adaptation financing.
He made this statement at the 56th Annual Meeting of the Board of Governors of the Asian Development Bank in South Korea.
Prof Prasad said there is a need for increased loan concessions and grant support to countries vulnerable to climate change and the delicate balance required to manage post-pandemic economic recovery and fiscal sustainability.
The ADB is one of Fiji’s key development partner, providing development financing and technical assistance since our independence.
The Bank scaled up its financial support to Fiji during the pandemic to help sustain the livelihoods of thousands of Fijians who had been affected by the crisis, and stands ready to support the Government with post-pandemic economic recovery and infrastructure development.
The Minister for Finance will hold bilateral meetings with key allies.
He also has a number of speaking engagements in panel discussions on the sides of the Annual Meeting.
The Deputy Prime Minister is accompanied by the Governor of the Reserve Bank, Permanent Secretary for Finance and other senior officials from the Ministry of Finance and the Reserve Bank of Fiji.