Completed Development AidData Chinese Aid

Chinese Government cancels RMB 40 million of Government of Fiji’s outstanding debt obligations

¥40M RMB

Funder	China Ministry of Commerce
Recipient Organization	Government of Fiji
Country	Fiji
Start Date	May 16, 2017
End Date	Feb 14, 2028
Duration	3,926 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`62821`

Grant Description

On May 16, 2017, the Government of the People’s Republic of China and the Government of the Republic of Fiji signed a partial debt exemption protocol in Beijing.

Under the terms of the protocol, the Government of the People’s Republic of China agreed to cancel the Government of the Republic of Fiji’s outstanding repayment obligations related to two interest-free loans: (1) an interest-free loan worth RMB 10,000,000 that was contracted through an Economic and Technical Cooperation Agreement (ETCA) on May 2, 1989; and an (2) an interest-free loan worth RMB 30,000,000 that was contracted through an ETCA on April 19, 1990.

As of 2017, the aggregate value of the Government of the Republic of Fiji’s outstanding debt obligations under these two loans was RMB 40,000,628.

📋 Staff Comments

According to Fiji’s Auditor General, as of 2017, the total amount disbursed (and thus owed) under the two interest-free loan agreements was RMB 40,000,628 (FJ $11,943,653). This project is not marked as umbrella since the loans contracted were prior to 2000, so there is no risk of double counting.

📚 Sources & References

Report of the Auditor General of the Republic of Fiji
Fiji Budget Estimates 2012
Consolidated Review Report of the Ministry of Foreign Affairs Annual Reports 2017-2018 and 2018-2019 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.