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World Bank has approved a budget support financing of approximately $214.6 million and the option to access a further $67.8 million in the event of a major crisis or disaster for Fiji.

This new support package by the World Bank was approved last week under Fiji Growth and Resilience First Development Policy Financing with a Catastrophe Deferred Drawdown Option.

It will see a major boost for the country’s fiscal, climate and disaster resilience, as well as efforts to support private sector development.

This new financing will advance important policy reforms to increase government revenue.

The World Bank says this work will ultimately ensure Fiji is better placed to drive investments in public services such as health and education.

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It says the support will also strengthen disaster preparedness at Fiji’s divisional levels, through improving disaster risk planning as part of the new National Disaster Risk Management Bill, as well as boosting healthy school initiatives that restrict the sale of unhealthy foods in schools nation-wide.

Finance Minister Biman Prasad says while they continue to make important reforms and progress in addressing Fiji’s development priorities; these are big challenges requiring big responses.

Biman says this World Bank support will help accelerate the government’s efforts towards building a healthier, more resilient and sustainable economy, as well as supporting work to attract more investment from the private sector.

The new World Bank support also aims to open up more opportunities for private sector investment in the renewable energy sector, as well as boosting Fijian Government reforms to make it easier to start and operate a business – such as a reduced need for business certificate renewals for low-risk businesses.

World Bank Country Manager for the South Pacific, Stefano Mocci says they’re committed to supporting the government as it continues to strive towards greater fiscal resilience to build buffers and the strengthening of its disaster preparedness and response.

Mocci says this initiative also aims to increase private sector investments for Fiji through more concerted efforts for greater economic prosperity and healthier, more resilient communities.

This credit financing is funded through the International Development Association, the World Bank’s fund for the world’s most in-need countries.