The Fiji Times »Fiji owes ADB $ 924 million
Fiji owes $ 924 million to the Asian Development Bank, the economy ministry’s 2020-2021 annual debt report revealed this week.
The report said Fiji had an external debt of $ 2.4 billion, of which 38.5 percent was owed to the ADB.
This while the World Bank Group owed $ 643 million, or 26.8% of total debt. Meanwhile, Fiji owed the EXIM Bank of China $ 441 million and the Japan International Cooperation Agency $ 288 million.
The debt report said the Asian Infrastructure Investment Bank (AIIB) owed $ 103 million while $ 720,000 was owed to the International Fund for Agricultural Development. Of the total of $ 2.4 billion, $ 1.6 billion were US dollar loans which continued to dominate the external debt portfolio.
In total, 18.4% of total foreign debt, or $ 441 million, was denominated in Chinese yuan, while $ 488 million was denominated in Japanese yen.
Debt also indicated that about $ 1.1 billion came from outside, including $ 424.5 million from AfDB, $ 106.2 million from AIIB, $ 51.0 million from International Bank for Reconstruction and Development, $ 223.3 million from the International Development Association (IDA) and $ 242.4 million from JICA.
âA total of $ 73.5 million has been disbursed in installments by IDA for two projects related to the response to COVID-19. “