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

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.

Additional details

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.

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