Close to $100 million is currently in the sinking fund.
While appearing before the Parliamentary Standing Committee on Economic Affairs, Ministry of Finance Permanent Secretary Filimoni Waqabaca said they have built up the sinking fund in anticipation of paying off the global bond next year which is $US250 million.
Waqabaca said the sinking fund can also meet the interest payment and also positions government to make the debt repayment by next year.
He said Fiji currently borrows from the JP International, Asian Development Bank and Exim Bank of China.
According to Waqabaca government’s debt also stands at 48.7% of GDP compared to 55.8% in 2009. He says this has stabilized over the years.
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