$65m policy-based loan for government

A $65 MILLION policy-based loan from the Asian Development Bank (ADB) is said to support the government in its efforts to create an environment where the private sector can thrive and drive economic growth through investment.

A statement from the ADB yesterday said reforms supported through the Sustained Private Sector-Led Growth Reform Program included the drafting of the Public Enterprises Act 2019, which was passed by Fiji’s Parliament in May 2019 and the legislation would help strengthen SOEs’ governance, transparency, and accountability.

“The Government of Fiji is implementing a comprehensive reform program, improving the management of public finances, strengthening the performance of state-owned enterprises (SOEs), and opening up opportunities for private investment,” said ADB Principal Public Management Specialist for the Pacific Pamela Wyatt.

“ADB is pleased to be able to support these reforms through technical assistance and this policy-based loan,” she said.

According to the statement to boost foreign investment and trade, new legislation on international arbitration has come into force, and the government is strengthening its policies on investment and competition, with support from development partners.

It said to make it easier for mothers to enter and remain in the paid workforce, the government increased paid maternity leave and introduced paternity leave and family care leave, which became effective in January 2019.

According to the ADB the program supports ADB’s Strategy 2030 operational priority focused on strengthening governance and institutional capacity, particularly in small island developing states.

It effectively mainstreams gender issues through policy actions that improve women’s access to services, opportunities, and decision-making.

The program supports the implementation of the government’s reform agenda and the National Development Plan.

It was developed in partnership with the World Bank and the government of New Zealand, which also provide budget support to Fiji.

Program actions were achieved with technical assistance from ADB, cofinanced by the governments of Australia and New Zealand, and from the International Monetary Fund’s Pacific Financial Technical Assistance Centre and the World Bank Group.

The Government of Fiji is implementing a comprehensive reform program, improving the management of public finances, strengthening the performance of state-owned enterprises (SOEs), and opening up opportunities for private investment,

Pamela Wyatt