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Overview

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

Commitments (Constant USD, 2023)$6,299,084
Commitment Year•2017Country of Activity•FijiDirect Recipient Country of Incorporation•FijiSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 16, 2017
Start (actual)
May 16, 2017
End (actual)
May 16, 2017

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

Government Agencies

  • China Ministry of Commerce

Receiving agencies

Government Agencies

  • Government of Fiji

Loan description

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

Narrative

Full Description

Project narrative

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.