The government will provide a guarantee for domestic borrowings up to $200 million for the Fiji Sugar Corporation (FSC) until 2028, pending Parliament’s approval. Recently, the Cabinet approved an additional $95 million guarantee for the company.
This guarantee will be effective from August 1, 2022, to May 31, 2028. A Cabinet statement noted, “The government has been guaranteeing FSC’s domestic and offshore borrowings, with the latest domestic guarantee approved by Parliament on July 28, 2022.”
The guarantee limit was subsequently increased by $20 million, raising it to $95 million on May 23, 2024. The Cabinet indicated that this additional borrowing guarantee would enable FSC to secure local financing at significantly lower costs, easing financial burdens and benefiting the domestic economy.