Funafuti, Tuvalu

Deputy Prime Minister and Minister for Finance and Economic Development, Hon. Panapasi Nelesone, met briefly with the Asian Development Bank (ADB) Regional Director, Ms Azusa, to discuss the progress and implementation status of Tuvalu’s ADB-supported project portfolio.

The meeting also provided an opportunity to discuss the recently earmarked emergency support and the Government’s priorities for its implementation.

USD 11.94 million

Emergency Assistance Grant earmarked to help Tuvalu respond to the ongoing impacts of the Middle East conflict, particularly the sharp rise in international fuel prices.

The assistance will support three key areas: addressing the increased cost of fuel, extending the use of containerised generators while the procurement of new generators is underway, and supporting the Government’s Cost-of-Living Support Scheme, which is currently providing assistance to households affected by rising costs.

The Deputy Prime Minister expressed his appreciation to ADB for its timely and thoughtful support to Tuvalu during this challenging period.

“Being at the end of the fuel supply line is particularly challenging for Tuvalu, compounded by our distance from major fuel suppliers. The increase in fuel prices places significant pressure on our economy and public finances. This financial support from ADB will help cushion the impact of the crisis on our fiscal savings and enable the Government to continue investing in our development priorities while sustaining employment and livelihood opportunities.”Hon. Panapasi Nelesone, Deputy Prime Minister

The discussion also underscored the importance of close coordination between the Government and ADB to ensure ongoing projects in the ADB portfolio continue to progress and that the Emergency Assistance Grant is implemented on time.

The Deputy Prime Minister further acknowledged ADB’s continued partnership with Tuvalu and its responsiveness to the country’s immediate economic and development needs.

The Government of Tuvalu remains committed to working closely with its development partners to protect the country’s fiscal position, maintain essential services and support communities while continuing to advance key national development priorities.