Asian Development Bank President Masato Kanda says the bank stands ready to quickly provide Fiji with an additional $218 million in support as global instability and rising fuel prices continue to place pressure on Pacific economies.
In a statement following a meeting with Finance Minister Esrom Immanuel in Uzbekistan, Mr Kanda said the Middle-East conflict was having significant economic impacts across the region, particularly for Pacific island nations heavily dependent on imported fuel and external trade.
“In my meeting with Fiji’s Finance Minister Esrom Immanuel, I assured him that ADB stands ready to quickly provide an additional ($100million) FJ$218 million in support,” Mr Kanda said.
He said the support would assist Fiji in responding to immediate economic pressures while also strengthening long-term resilience.
“The conflict in the Middle East is hitting our members hard, but our members in the Pacific face particular challenges,” he said.
“Our support will help Fiji address immediate needs, while building longer-term resilience.”
Mr Kanda said global uncertainty, including rising energy prices and geopolitical tensions, continued to place major strain on small island developing states.
“Global uncertainty, including rising energy prices and geopolitical tensions, continues to place pressure on small island economies,” he said.
He stressed that rapid response during crises was critical, warning that delays reduced the effectiveness of financial assistance.
“In a crisis speed is essential. Delay erodes the value of every dollar provided,” Mr Kanda stated.
The ADB President also assured member countries that the bank would continue acting as a stabilising partner during periods of economic uncertainty.
“Our members can trust ADB to be the anchor of stability in these difficult times, acting with speed and scale to protect the most vulnerable, while building a brighter future for the next generation,” he said.
