ADB PRESIDENT COMMENDS OUR COUNTRY’S
IMPRESSIVE ECONOMIC GROWTH
The Asian Development Bank (ADB) President Takehiko Nakao has commended Fiji’s impressive economic growth.
Speaking at a press conference in Suva yesterday, Mr Nakao also commended Fiji’s prudent fiscal management.
Fiji has achieved steady growth since 2010— longer than any period since it gained independence in 1970.
“Average annual growth during 2010-2018 is estimated at 3.1 per cent.
“The Government has exercised prudent macroeconomic management in recent years. This has attracted new investments and created an environment in which businesses can grow and generate more jobs,” said Mr. Nakao.
“ADB will continue working closely with Fiji to support the country’s efforts to achieve sustained, inclusive, private sectorled growth that brings benefits to the entire population.”
He also met the Prime Minister Voreqe Bainimarama yesterday to discuss ways ADB will expand and strengthen its partnership with Fiji.
Mr Bainimarama said: “With our economy charting record growth and with an educated, talented, and ambitious workforce at our disposal, there is ample room to strengthen our longstanding partnership with ADB.”
Highlights of visit
Mr Nakao also held discussions with Attorney-General, and Minister for Economy, Civil Service, and Communications, and ADB Governor Aiyaz Sayed-Khaiyum by phone from Australia.
Governor of the Reserve Bank of Fiji and ADB Alternate Governor Ariff Ali also held discussions with Mr Nakao.
Mr Nakao is here for his second visit and was inspecting the venues for the ADB’s 52nd Annual Meeting of the Board of Governors from May on 1 to 5 at Nadi.
Mr Nakao said: “ADB’s Annual Meeting is an excellent opportunity to highlight the strength of the Fijian economy and progress across the wider Pacific region.
“In the meeting, we will discuss, among others, the development of sustainable tourism and management of ocean health which are important issues not only for Fiji and other Pacific countries but also for many Asian countries.
“I am impressed by the beautiful venues and high-quality facilities selected for the Annual Meeting,” said Mr Nakao. Mr Bainimarama said: “Our priorities for that partnership are clear; we’re going to attract more investment, we’re going to further boost our climate resilience, we’re going to continue to build confidence in our economy by increasing engagement with the private sector.
“We’re going to continue developing a world-class civil service, and we’re going to
develop even greater networks of infrastructure for the benefit of Fijians everywhere, all through the lens of accountability, transparency and good governance.
“Our hosting of the upcoming ADB 52nd Annual Meeting is a proud recognition— among many—of our capacity to host major international events, and we look forward to showcasing Fiji’s development achievements at the meeting in Denarau this May.”
The Government and ADB are now preparing a new Country Partnership Strategy (CPS) to guide joint efforts in 2019-2023. The CPS will support the Government’s National Development Plan and is expected to prioritise actions to promote private sector investment and growth, broaden access to quality social services and economic opportunities, and build resilience and reduce economic volatility, including through investments in climate change and disasterresilient infrastructure assets.
ADB expects to invest approximately $280 million in Fiji in 2019-2020.
Fiji will be the first Pacific developing member country to host ADB’s Annual Meeting. The meeting is the largest gathering of the Bank and a unique opportunity for ADB Governors, Government officials, the private sector, and development partners and experts to discuss critical issues and challenges facing Asia and the Pacific.
The theme of the 2019 Annual Meeting is “Prosperity Through Unity.”