Fiji owes $924m to ADB

Asian Development Bank South Pacific Subregional Regional Director, Masayuki Tachiiri with Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum after the signing of a loan agreement in 2020.Picture:ATU RASEA

Fiji owes $924 million to the Asian Development Bank, revealed the 2020-2021 annual debt report released by the Ministry of Economy this week.

The report said Fiji had an external debt of $2.4 billion, out of which 38.5 per cent was owed to the ADB.

This while the World Bank Group was owed $643 million or 26.8 per cent of the total debt. Meanwhile, Fiji owed the EXIM Bank of China $441 million while it owed the Japan International Cooperation Agency $288 million.

The debt report stated that the Asian Infrastructure Investment Bank (AIIB) was owed $103 million while $720,000 was owed to the International Fund for Agricultural Development. Out of the total $2.4 billion, $1.6 billion were loans in the US dollar which continued to dominate the external debt portfolio.

A total of 18.4 per cent of the total external debt or $441 million was debt in the Chinese yuan currency while $488 million was in the Japanese yen currency.

The debt also reported that approximately $1.1 billion was sourced externally which included $424.5 million from ADB, $106.2 million from AIIB, $51.0 million from International Bank for Reconstruction and Development, $223.3 million from International Development Association (IDA) and $242.4 million from JICA.

“A total amount of $73.5 million was disbursed in tranches by IDA for two projects related to the COVID-19 response.”

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