AG tables RBF Act 1983 to extend the period for advances from 183 days to 5 years

AG tables RBF Act 1983 to extend the period for advances from 183 days to 5 years

By Iva Danford
Saturday 31/07/2021
Attorney General Aiyaz Sayed-Khaiyum.

Attorney General Aiyaz Sayed-Khaiyum has tabled a Bill to amend the Reserve Bank of Fiji Act 1983 which seeks to extend the period for advances from 183 days to 5 years.

While tabling the Bill, Sayed-Khaiyum says the restriction on advances for 183 days creates uncertainty on credit accessibility and banks and other credit institutions may find it risky and administratively cumbersome to access funds under this arrangement.

He says the restrictive loan term defeats the primary purpose of providing special incentives to the targeted sectors.

Sayed-Khaiyum says given the expansion of the Disaster Rehabilitation and Containment Facility to cover lending to micro, small and medium enterprises and to encourage more uptake on the scheme, extending the maturity of these loans over the 6-month limit up to 5 years will help businesses stabilise and recover before making arrangements for repayment.

He says the RBF operates a number of concessional funding facilities such as the Import Substitution and Export Finance Facility, the Disaster Rehabilitation and Containment Facility and the Housing Facility for first home buyers. Funds are provided for an initial term of 6 months and rolled over for periods of up to 5 years.

The Reserve Bank of Fiji (Budget Amendment) Bill 2021 seeking to amend the Act to extend the period for advances from 183 days to 5 years, has been passed in parliament.

Stay tuned for the latest news on our radio stations

CFL radio frequencies
IN DEPTH
Fiji continues to be affected by COVID-19
Contact tracing continues for most parts of Suva and Nausori. Mon 19th Apr Tue 20th Apr Wed 21st Apr Thu 22nd Apr Sat 24th Apr Sun ...
11 hours ago

258,000 people lived under the Basic Needs Poverty Line according to the 2019-20 Household Income and Expenditure Survey
Survey says almost one in five school aged children in Fiji are educationally deprived
6 days ago

Debate on the Bill to Amend the iTaukei Land Trust Act
Debate on the Bill to Amend the iTaukei Land Trust ...
52 days ago
FEATURE NEWS
Opposition MPs calls rejected for Electoral Registration of Voters Amendment Bill to be referred for public consultation
The calls made by the Opposition parliamentarians have been rejected today for the government to refer the Electoral Registration of Voters Amendment ...
3 hours ago
LATEST NEWS
Rabuka assures Indian High Commissioner that the People’s Alliance is an inclusive party
Former Prime Minister and Leader of the People's Alliance Party, Sitiveni Rabuka has assured the new Indian High Commissioner that the People’s ...
26 minutes ago

COVID-19 vaccination starts for 15 to 17 year olds in Fiji
Prime Minister Voreqe Bainimarama has highlighted that the Moderna vaccine is first being administered to 15 to 17-year-olds who are nearing the end ...
34 minutes ago

Sayed-Khaiyum should sack the Supervisor of Elections – Nawaikula
The Interpretation Amendment Bill 2021 will be debated in parliament this Wednesday. Attorney General, Aiyaz Sayed-Khaiyum says this bill has been ...
36 minutes ago

Household Income and Expenditure Survey is flawed – Dr. Reddy
Minister for Agriculture, Dr. Mahendra Reddy says the 2019-20 Household Income and Expenditure Survey is flawed because the data for two different ...
2 hours ago

The Speaker has not prevented debate on the floor of the parliament – Ratu Epeli
Speaker of Parliament, Ratu Epeli Nailatikau stresses it is important to note that the parliamentary business committee will have the final say in ...
6 hours ago

TOP