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Fiji's foreign debt $2.96 billion

Staff writer ▼ | September 14, 2015
This was revealed by the Fiji Bureau of Statistics in their recent update of Fiji's international investment position.
Frank Bainimarama
South Pacific   Overseas Fiji investments was well below the value of foreign investments
While Fiji's NIIP stood at -$6.78b at December 31, 2014, the value of overseas Fiji investments was well below the value of foreign investments in Fiji, The Fiji Times reports.

According to the Finance Ministry in its supplement to 2015 National Budget address, Government debt stood at $3.8b as at December 2013, equivalent to 51.4 per cent of gross domestic products, a decline of 53.4 per cent of GDP in the preceding year.

At the end of last year, it forecast about $4b of Government debt.

National Federation Party leader and shadow minister of finance Professor Biman Prasad said the NIIP was a nation's stock of foreign assets minus its foreign liabilities.

"It is defined as the value of overseas assets owned by a nation minus the value of domestic assets owned by foreigners."

He said it was generally regarded as a nation's balance sheet with the rest of the world and includes overseas assets and liabilities held by government, the private sector and its citizens.

"The amount reflects a higher value of foreign-owned assets and investment in Fiji than Fiji's assets and investments abroad."

He said a large component of Fiji's international liability in this case (74.3 per cent) was from direct investment.

"The bureau has not released a breakdown of this component, which would have indicated areas/sectors in which we have had increased foreign investment."