The Reserve Bank of Fiji reported that as of June 2024, the government’s debt reached $10.1 billion, representing 73.3 percent of the country’s Gross Domestic Product (GDP). According to the bank, debt in local currency accounted for $6.6 billion, or 48.3 percent of GDP, while external debt comprised $3.4 billion, which is 25.3 percent of GDP.
Additionally, the Central Bank noted that foreign reserves were stable at $3.3 billion by the end of June. This marks a substantial increase from $1.6 billion in the first quarter, attributed to inflows outstripping outflows during that timeframe.
Strong tourism earnings and government grants significantly contributed to the inflows during the June quarter, effectively outweighing the overall outflows. The Reserve Bank of Fiji indicated that foreign reserves are expected to remain sufficient in the medium term.