3 February, 2023, 4:18 pm Central - 27°C Rain

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.

Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
All Blacks 7s claim both Sydney 7s menโ€™s and womenโ€™s titles
Serious questions are being asked after yet another dismal performance by the Fiji Airways menโ€™s 7s team in the HSBC World 7s Series.
1 day ago

Womens Rugby World Cup 2022
Quarter-final qualification is now the goal for the Rooster Chicken Fijiana 15โ€™s following their 21-17 victory against South Africa.
106 days ago

Queen Elizabeth II passes away
Queen Elizabeth II, the UK's longest-serving monarch, has died aged 96, after reigning for 70 years.
136 days ago
Govt is drafting plans for revival of medical and hospital services โ€“ President
President Ratu Wiliame Katonivere says the government is drafting plans for the revival of medical and hospital services by improving and maintaining ...
3 hours ago
Tourism Fiji partners with PRF for the 2023 Global Recycling Day
The Pacific Recycling Foundation has confirmed a major partnership with Tourism Fiji in line with this yearโ€™s Global Recycling Day, to be held on ...
1 hour ago

Missing men at sea found
The three man reported missing at sea earlier have been found and are on their way back to be reunited will their families. Police say the engine ...
2 hours ago

Prakash sentenced to 36 months imprisonment
Former FijiFirst MP Vijendra Prakash has been sentenced to 36 months, and he will be serving 28 months in custody, with a non parole period of 22 ...
4 hours ago

Heavy rain warning and alert in force
A heavy rain warning remains in force for the Northern Division, Lau and Lomaiviti group and nearby smaller islands, Yasawa and Mamanuca ...
4 hours ago

Vernacular speaking allowed in Parliament
Vosa Vaka-Viti and Hindi language will now be allowed to be spoken in Parliament, and the Speaker of the Parliament is also allowed to pray the way ...
5 hours ago