The Australian government has provided approximately $87 million to Fiji as budgetary and support funding.

This was announced by the Minister for Finance, Professor Biman Prasad, while signing the Direct Funding Arrangement with Australia.

Prasad says that the funding will be directed towards the government’s ambitions for critical infrastructure development, healthcare support, education, services, climate change, and providing support to the vulnerable.

“Governments have undertaken a comprehensive reform program with development partners to improve Fiji’s governance and management of public finances, enhance the policy, legal, and institutional framework for state-owned enterprises and government agencies, improve trade and public investments, and promote private sector-led growth. “

The minister adds that Australia has also been committed to supporting Fiji in terms of budget funding.

Prasad says that Australia ‘s budget support program for 2023-2024 financial is tied towards contribution to more effective and accountable public financial management and to economic reforms to enhance recovery and resilience.

“So, in total, over the last year, the Fiji government has received more than $580 million from the Australian government alone. This includes a total budget support grant of $458.5 million, which is equivalent to Australian $301 million for the past several years, particularly from 2018 right through to this year. And this includes grant support for the recently launched Fiji Social Infrastructure Programme, $33.4 million, and support towards the rehabilitation of the CWM Hospital.”.

Prasad says that in this current year, as part of a collaborative effort to reduce transaction costs and streamline development partner coordination, the ADB and the World Bank coordinated with other development partners, Australia, New Zealand, and the European Union, to align the policy dialogue and budget support engagement where appropriate.

This has enabled the Fiji government to secure a total budget support funding of almost more than half a billion dollars, or about 542 million dollars, comprising concessional loans and grants.

Prasad says that the agreement between the two nations will enable the strengthening of their Vuvale partnership.