The Fiji Association of Banks has labelled the 2021/2022 budget as positive, innovative and creative.
Chair Rakesh Ram has welcomed the initiatives saying the national budget is aimed at assisting everyone who is either directly or indirectly affected by COVID-19.
Ram believes this budget is what Fiji needed to avoid what could be our worst economic crisis.
“I think this budget will provide a catalyst for economic recovery and economic growth. We will continue to work with the government to support the government even extending our repayment holiday to September 2021. Depending on the economic conditions and hardship situation of the customers we could further extend it but we will consider it at that stage.”
Rakesh ram says they support the $200 million working capital support being provided in the form of loans to help Fijian businesses.
The Reserve Bank of Fiji will provide special funding of $200 million at a rate of 0.25 to commercial banks to lend to businesses at reduced interest rates.