Fiji Time: 10:43 AM on Saturday 28 November

Fiji Times Logo

/ Front page / News

Optimism builds up

Torika Tokalau
Saturday, April 19, 2014

FINANCE permanent secretary Filimoni Waqabaca believes the recent positive announcements by two statutory bodies indicate the state of Fiji's economy and reflects the optimism that is building up.

An Information Ministry statement revealed the Reserve Bank transferred $39.9m to government comprising $31.9m as its profit and $8m representing the re-evaluation reserves account as per RBF Act.

Right on the heels of this announcement, Fiji Revenue and Customs Authority revealed it had surpassed its first quarter target by $39m and collected a total of $431.13m in income tax, value added tax, customs duties and other taxes.

"The ministry for its part has had a very vigorous first quarter with more than $100m paid to service both external and domestic loans," Mr Waqabaca said.

"This was in the form of $66.4m for domestic and $36.3m for external loans that was due for servicing in the first quarter and constitutes to around 37 per cent of the total due cumulative to June."

He said bonds floated in the market had raised $101.2m, which was 40 per cent of the total that needed to be raised in 2014.

"Government borrowings are primarily channelled towards revamping the productive capacity of the Fijian economy in terms of infrastructure development mainly intended to unlock depressed regions to ensure economic development and inclusive growth."

RBF governor Barry Whiteside said the improved profit was achieved in a challenging global environment, "as the returns on foreign reserves, which are the principal source of income for the Bank, continued to be affected by very low interest rates in our major trading partner economies".

Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Code Inward TTs Outward TTs
CAD 0.62590.6069
JPY 58.270455.2704
GBP 0.31140.3034
EUR 0.44340.4314
NZD 0.72230.6893
AUD 0.65460.6296
USD 0.47290.4559



Exchange Rate updated on 27th November 2015

Today's Most Read Stories

  1. 7s with a smile
  2. Former CEO recalls days of sunken vessel
  3. 'Ship was fit to sail'
  4. Tears of joy as Tubalagi graduates
  5. PS confirms oil volume
  6. Give them this day their daily bread
  7. Roadworks to end soon
  8. Bridges to run a century
  9. Stage set for fashion show
  10. Pacific's last chance

Top Stories this Week

  1. Left for dead Wednesday (25 Nov)
  2. MV Suilven sinks Wednesday (25 Nov)
  3. 8 years for raping man Tuesday (24 Nov)
  4. MV Suilven sinks in Suva Harbour Tuesday (24 Nov)
  5. Torture suspects known to police Thursday (26 Nov)
  6. Friend indeed Monday (23 Nov)
  7. 'Racial slur' Sunday (22 Nov)
  8. Sevens hurdle Tuesday (24 Nov)
  9. Sex assault claim Thursday (26 Nov)
  10. Prof Prasad leaves school premises as 'mark of respect' Monday (23 Nov)