THE Fiji Development Bank (FDB) is preparing to support its clients as global instability linked to the Middle East conflict drives up fuel costs.
FDB chief executive officer Filimone Waqabaca said the bank had already begun internal assessments under its business continuity planning, anticipating that the conflict and its economic effects might persist.
He said their immediate focus was on clients likely to be hardest hit by rising fuel prices, particularly those in transport and service delivery sectors.
“We have made our own assessment internally as part of a business continuity plan,” Mr Waqabaca said.
“Our concern is our clients and we’ve reached out to clients that may be impacted immediately due to the 35 per cent increase in fuel costs, such as the bus operators.”
He noted that higher fuel prices could reduce service delivery, especially in regional areas, if operators were unable to absorb the added costs.
“They would feel those and it could dampen their service, if there is no assistance.”
The bank has initiated discussions with affected clients to explore possible support measures, including restructuring loans or granting temporary repayment holidays.
“We have reached out to our clients and asked them to come and talk with us.
“If there is a need for some assistance to help cushion the shock, we will do maybe reconstruction of their loans or some holidays just to provide some buffer.”
He said these interventions were part of ongoing negotiations aimed at helping businesses manage the immediate financial strain while maintaining operations during this period of global uncertainty.
