The Government, through the Housing Authority of Fiji, plans to develop 3,071 housing lots within the next five years.
Deputy Prime Minister and Minister of Finance, Professor Biman Prasad, announced this in Parliament last week during a debate about renewing the Government guarantee of $150 million for the Housing Authority’s loans for another five-year period, from July 1, 2024, to June 30, 2029.
“A total of 2,661 lots were delivered from 2005 to 2024 in the following areas: Waila 3B, Wainibuku, Tacirua, Mokosoi, Field 40 in Lautoka, Namosau in Ba, Matavolivoli, and Tovata,” said Prof. Prasad.
“The forecast for the next five years anticipates the production of 3,071 lots in areas such as Tacirua, Veikoba, Waila, Navaramai, Veisari, Tavakubu, Waqadra in Nadi, Wairabetia in Lautoka, and Tavua. This forecast does not include the 1,031 lots assigned to the Ministry of Finance and IFC for a PPP arrangement for design and building.”
He noted that this process is currently underway.
“The Housing Authority’s outstanding liabilities guaranteed by the Government as of June 30, 2024, amount to $86.1 million, with bonds making up $15 million (17 percent) and loans $71.1 million (83 percent).”
“As of April 30, 2024, the Government Guarantee Debt stood at $1.02 billion or 7.7 percent of GDP.”
Prof. Prasad added that accessing the $150 million guarantee would increase the total Government guarantee exposure to $1.2 billion or 8.9 percent of GDP.