Sayed-Khaiyum to table two motions in Parliament today for increased Government guarantees for Fiji Airways and Fiji Development Bank

Sayed-Khaiyum to table two motions in Parliament today for increased Government guarantees for Fiji Airways and Fiji Development Bank

By Vijay Narayan
Thursday 21/10/2021
Minister for Economy, Aiyaz Sayed-Khaiyum

Minister for Economy, Aiyaz Sayed-Khaiyum will table two motions in Parliament today for increased Government guarantees for Fiji Airways and Fiji Development Bank after the election of the countryโ€™s new President.

According to the Parliamentary Order Paper, Sayed-Khaiyum will move that Parliament approve the increased Government guarantee to Fiji Airways borrowings by increasing the existing local approved guarantee from FJ$191.1 million to FJ$241.1 million and the offshore borrowings from US$117.1 million to US$142.1 million with the total guarantee ceiling increasing from FJ$455 million to FJ$561.4 million valid until the guaranteed facilities are discharged or fully settled; and that Fiji Airways be exempted from paying a guarantee fee.

The second motion that Sayed-Khaiyum will move is for Parliament to approve the increased Government guarantee from $170 million to $250 million for the 12 month period from 1st March 2021 to 28th February 2022 for the Fiji Development Bank borrowings through the issuance of short and long-term bonds, promissory notes, term deposits, other short term borrowings and any Reserve Bank of Fiji financing facility; and that a guarantee fee of 0.075 percent be applied on the cumulative utilised guarantee credit.

Debate on the two motions will take place in Parliament today



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