MANILA, Dec. 16 (Xinhua) -- The Asian Development Bank (ADB) on Tuesday said it has approved a 20-million-U.S.-dollar financing package to strengthen fiscal sustainability and improve Vanuatu's capacity to respond to natural disasters and health emergencies.
The package includes a 10-million-dollar policy-based grant aimed at advancing reforms in domestic resource mobilization, public expenditure management, and oversight of state-owned enterprises, alongside a 10-million-dollar multi-year contingent disaster financing facility.
The ADB said the combined approach will enhance fiscal resilience while ensuring rapid, flexible access to funds in the event of disasters, thereby creating synergies between fiscal management reforms and disaster risk preparedness.
The program is designed to help Vanuatu address fiscal challenges proactively, strengthen institutional capacity, and improve efficiency across sectors.
Parallel cofinancing for the initiative is being provided by the governments of Australia and New Zealand, as well as the World Bank. ■
