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COVID-19

Government entity loans turned into equity

March 26, 2020 10:41 pm
To strengthen its entities government will convert their loans into equity.

To strengthen its entities government will convert their loans into equity.

This includes strengthening the balance sheets of the Fiji Sugar Corporation, PAFCO, Fiji Rice Limited, Food Processors Limited and Viti Corp Company Limited.

Minister for Economy, Aiyaz Sayed-Khaiyum says government is also in the process of acquiring FNPF and Fijian holdings shares at the FSC to meet the legal requirement to convert government’s debt at FSC into equity.

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Sayed-Khaiyum adds that Fiji Rice Limited has already confirmed with the conversion of their debt into equity, they’ll inject $1m into a rice planting scheme.

He also revealed that government is allocating $50m to the FSC to fund cane delivery payments adding that government is the only FSC shareholder making an additional financial commitment.

“Because we made a promise to cane farmers and we are keeping our word, however moving forward we need to keep a careful eye on the impacts on world sugar prices and make some tough decisions if necessary.”

Sayed-Khaiyum says there is also an additional $1m allocation in the COVID-19 response towards the Ministry of Agriculture to bolster Fiji’s food security.

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