The Fiji National Provident Fund (FNPF) has reaffirmed its position as the foremost lender to the government, as highlighted in the Ministry of Finance’s latest Government Debt Report covering July to October 2025. The report emphasizes FNPF’s significant contribution to financing government activities, marking it as the largest single holder of domestic government debt.
Data from the report indicates that FNPF’s investment in government bonds surged to $4.25 billion as of October 2025, demonstrating its pivotal role within Fiji’s domestic capital market. This substantial holding represents more than half of all government bonds currently in circulation.
Overall, Fiji’s government debt amounts to $10.82 billion, while the debt-to-GDP ratio has improved to 73.8 percent, down from 77.1 percent in July. This positive trend is indicative of a strengthening economic landscape. The domestic debt alone reached $7.09 billion at the end of October 2025, accounting for 48.4 percent of GDP. This growth was attributed to increased bond issuance and the ongoing rollover of Treasury bills, according to the Ministry of Finance’s findings.
The breakdown of the total debt reveals $6.77 billion in government bonds and $325 million in Treasury bills. Domestic debt saw a 1.7 percent increase from the previous quarter and has risen by 5.3 percent compared to the same period last year.
In the recent quarter, the government executed $204.9 million of its approved borrowing capacity for the 2025/2026 financial year, utilizing 22.1 percent of its limit. This borrowing included $197.1 million in Fiji Infrastructure Bonds (FIB) and $7.8 million in Viti Bonds, with an additional $170 million in Treasury bills allocated for rolling over maturing securities.
Investor interest remains robust, with Viti Bonds achieving a 51.9 percent utilization of their $15 million borrowing threshold. Furthermore, the Fiji Infrastructure Bonds and Treasury bills experienced oversubscription on average, showcasing growing market enthusiasm for government securities across both short- and long-term instruments.
This flourishing sentiment in the financial landscape signals a positive outlook for Fiji’s economy, underscoring the continued confidence investors have in government-backed securities.
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