28 Nov 2011

Fiji regime looks to borrow locally

11:31 am on 28 November 2011

Fiji's interim government is looking at borrowing over US$160 million to cater for projects under the 2012 National Budget.

FBC news reports a number of measures have been announced and while revenue collection will form the bulk of the government's finances, there are plans to borrow.

The Finance Ministry Permanent Secretary, Filimone Waqabaca says most of their loans will depend on existing market conditions at the time.

He says the domestic interest rate has fallen from a high level so the government's focus at the moment is on domestic borrowing

The 2012 National budget estimates total revenue just under a billion US dollars, and a total expenditure of 1.12 billion.