SUVA, 22 February, 2021 (TON): An emergency loan agreement has been penned by Fiji and Japan on Monday that will permit Fiji to get the 200 million Fijian dollars loan from Japan.
According to a statement from the Fijian government, during the signing ceremony, Prime Minister Voreqe Bainimarama said that the best way to build resilience over the long-term is to bring Fiji's pandemic hit economy fully back to life and this loan will allow the island nation to further strengthen its defenses against the pandemic, particularly its public health systems, media reported.
The loan comes with concessions such as a 0.01 percent interest rate and 15 years repayment period with 4 years grace period.
This agreement is the largest in Japan's loan history of aid and assistance to Fiji
As global economies got influenced by the past year’s tragedy, Fiji’s pandemic battered economy also contracted by 19 percent.