The Cabinet has approved a proposal to raise the Government guarantee limit for the Fiji Sugar Corporation’s domestic borrowings from $95 million to $200 million for the period from August 1, 2022, to May 31, 2028. This adjustment will be presented to Parliament for approval.
The Government has been backing FSC’s domestic and offshore borrowing, with the most recent domestic guarantee of $75 million authorized by Parliament on July 28, 2022, for the specified period. This limit was increased to $95 million on May 23, 2024.
The expanded domestic borrowing guarantee will enable FSC to secure local financing at lower costs, easing financial pressures and positively impacting the domestic economy.