COVID-19 Financial Relief Assistance for businesses extended till March

The COVID-19 Financial Relief Assistance for businesses has been extended to 31st March 2022 however this will be done on a case by case basis.

Association of Banks in Fiji Chairman Rakesh Ram says they continue to work closely with the Reserve Bank of Fiji that has been very supportive of the financial assistance provided to many businesses by all the banks.

Ram says there is a high-level of optimism for the economy to turn the corner by the end of this year and this is welcoming news.

He says the opening of the borders within Viti Levu followed by herd immunization from more than 70% of targeted population and the hopes of international borders opening sooner than expected are positive developments.

However Ram says banks duly recognize that many businesses still require financial support as full recovery will be over a longer period before they return to pre-COVID trading levels.

He also says they acknowledge that many customers have reverted to pre-COVID loan repayment arrangements or are at least meeting interest costs to contain debt levels.

However Ram adds those customers that require further relief support depending on their financial circumstances should contact their banks to discuss and agree on their projected financial needs.