Debt on the up
Ropate Valemei Thursday, January 30, 2014
FIJI’S international assets were valued at $2959.8million as at September 30 last year.
This included a direct investment of $99.2m, portfolio investment of $131.3m, other investment of $1002.8m and reserve assets of $1726m.
This was revealed in a recent Fiji Bureau of Statistics report on the country’s international investment position.
It also recorded the country’s liabilities at $8872.1m.
Government statistician Epeli Waqavonovono said Fiji’s net foreign debt was $105.4m as of the end of September last year.
“This was a decrease of $216.9m from the September 30, 2012 figure of $322.3m. This indicates that there are more debt liabilities than assets,” Mr Waqavonovono said.
Fiji’s net foreign equity was -$6019.8m.
“This was an increase of $511.8m from the September 30, 2012 figure of -$5508. This indicates that there are more equity liabilities than assets.”
He said the administrative and survey data had been used to compile the international investment position in accordance with the sixth edition of the International Monetary Fund’s balance of payments manual.
The Finance Ministry said domestic markets continued to be a major source of financing for government.
In the ministry’s economic and fiscal Update, it said total domestic debt increased by $9.6m to $2.7b in 2012 equivalent to 38 per cent of GDP.
And as the end of September last year, the ministry recorded about $2706.2m, 34 per cent of GDP.
It said external debt increased by $103.4m to $935.5m in 2012 equivalent to 13 per cent of GDP.
“This increase was mainly attributed to the disbursement of loan funds under the EXIM Bank of China, EXIM Bank of Malaysia and Asia Development Bank funded projects.”