Fiji Airways is in the process of repaying a $75 million loan from the Fiji Development Bank (FDB), which was initially granted as part of a bailout during the COVID-19 pandemic. This confirmation came during a presentation of the 2022 and 2023 financial reports to the Parliamentary Standing Committee on Economic Affairs. Titilia Kamil, the acting chief executive officer of FDB, stated that the airline has started making repayments, which include both the principal and interest on the loan.
Mrs. Kamil highlighted the airline’s timely submission of audited reports, indicating its commitment to compliance. The repayment plan is supported by assistance from the Reserve Bank of Fiji (RBF).
Fiji Airways was also part of a larger government-guaranteed loan totaling $455 million in 2020, which included various financial commitments from multiple institutions. The terms for this particular loan extend up to 15 years, as noted by former attorney-general Aiyaz Sayed-Khaiyum.
This step towards repayment of the loan signifies a positive move for Fiji Airways, reflecting the airline’s gradual recovery following the challenges posed by the pandemic. Optimistically, this could indicate a return to financial stability for the national carrier, which is vital for the country’s tourism-dependent economy.
In summary, Fiji Airways has commenced repayments on a significant loan from FDB, highlighting its ongoing efforts to stabilize operations in the aftermath of the pandemic and its commitment to financial responsibility.
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