Washington: The World Bank’s Board of Executive Directors has approved US$100 million (approximately FJ$218 million) to support Fiji’s ongoing recovery from the immense shocks of the COVID-19 pandemic that exacerbated the impacts of recent natural disasters.
The Fiji Recovery and Resilience Second Development Policy Financing is the second of a two-part series of budget support to promote a private sector-driven recovery, strengthen climate resilience, improve the management of public finances and mobilize tax revenue.
"The pandemic has had deep and lasting impacts on all countries; yet tourism-reliant economies like Fiji have felt these impacts disproportionately," said Stephen Ndegwa, World Bank Country Director, Papua New Guinea and Pacific Islands, in a press release on Sunday.
"This financing builds on our earlier support for delivering increased jobs. We now have an opportunity to not only support Fiji’s recovery, but to also prepare Fiji to better take advantage of opportunities in the future," he added.
The new support includes US$50 million (FJ$109 million) on highly concessional terms from the International Development Association (IDA), the World Bank’s fund for the world's most in-need countries.
The balance of this new support is on through the International Bank for Reconstruction and Development (IBRD), which provides loans to middle-income and creditworthy low-income countries, as well as by coordinating responses to regional and global challenges.