Appointment Of Chief Executive Officer

The Board of Directors of the Fiji Development Bank (FDB) is pleased to announce the appointment of Mr. Filimone Waqabaca as the Chief Executive Officer (CEO) of the Bank, effective from 15 January 2025. This follows a comprehensive recruitment process facilitated by KPMG, during which Mr. Waqabaca emerged as the successful candidate. The Board is delighted that Mr. Waqabaca has accepted the role and looks forward to welcoming him on board.

Mr. Waqabaca brings extensive experience and knowledge to the FDB, having built a highly successful career in the finance and banking regulatory sectors both in Fiji and internationally. Currently serving as Fiji’s Ambassador Extraordinary and Plenipotentiary to Japan, he previously held the position of Fiji’s High Commissioner to New Zealand. Prior to his diplomatic postings, Mr. Waqabaca accumulated substantial experience across national, regional, and international financial institutions.

Academically, Mr. Waqabaca holds a Bachelor of Arts degree in Economics and Management from the University of the South Pacific (1989) and a Master of Science in International Banking & Financial Studies from the University of Southampton, United Kingdom (1997). His distinguished 35-year career includes key executive roles at the Reserve Bank of Fiji (RBF), the Pacific Islands Forum Secretariat (PIFS), the International Monetary Fund (IMF), and Fiji’s Ministry of Finance and Ministry of Foreign Affairs.

Mr. Waqabaca began his career at the RBF in 1989 as a Graduate Technical Assistant in the Research Department. Over the next eight years, he advanced through various roles, including Senior Analyst, Manager Banking and Registry, Manager Liquidity Management, Manager Monetary and Exchange, Senior Economist, and Economic Adviser in the Economics Department. In 1999, he joined the Pacific Islands Forum Secretariat as an Economic and Policy Analyst. He returned to the RBF in 2003 as a Senior Adviser in the Economics Department, before being promoted to Chief Manager of the Economics Group in 2005.

In 2007, Mr. Waqabaca was appointed Advisor to the Executive Director – South-East Asia Constituency Office at the IMF in Washington, DC. He returned to the RBF in 2009 as Chief Manager of the Financial Systems Development & Compliance Group. Subsequently, he was appointed Permanent Secretary of the Ministry of Finance in February 2011, a position he held until December 2015. In 2015, he also served as Permanent Secretary for Strategic Planning, National Development, and Statistics.

Mr. Waqabaca’s diplomatic career began with his appointment as Fiji’s High Commissioner to New Zealand in January 2016. In August 2022, he was appointed Fiji’s Ambassador Extraordinary and Plenipotentiary to Japan.

In addition to his professional roles, Mr. Waqabaca has chaired and served on the boards of numerous organizations in Fiji, including the Fiji Rugby Union, Higher Salaries Commission, Reserve Bank of Fiji, Fiji Revenue and Customs Service, Fiji National Council for Disabled Persons, Energy Fiji Limited, and the Unit Trust of Fiji.

On accepting the role, Mr. Waqabaca stated, “I am excited about the opportunity presented to be part of the team at the Fiji Development Bank. I look forward to working with the Board and staff to achieve the mandate of the institution and contribute to the socio-economic development of our nation.”

The Board believes that FDB is fortunate to have a CEO of Mr. Waqabaca’s calibre. His extensive qualifications, experience, skills, passion, and determination position him to lead the organization effectively. The Board is confident that Mr. Waqabaca will be instrumental in achieving the FDB’s objectives, ensuring the Bank’s future direction remains sustainable and competitive, while maintaining its development mandate.