Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline|
|01A - Short-term lending info_outline|
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline||
The Reserve Bank of Fiji tightened exchange controls on 3 April 2020 to ensure that adequate foreign reserves can be maintained. It reported foreign exchange reserves stood at FJD2,111.0 billion (7.7 months of retained imports) as of 30 July 2020. As of 31 August 2020, reserves stood at FJD2,371.0 billion (8.7 months of retained imports).
|02 - Credit creation info_outline||FJD60,000,000||USD27,228,172|
|02A - Financial sector lending/funding info_outline||FJD60,000,000||USD27,228,172||
The Reserve Bank of Fiji raised its Natural Disaster and Rehabilitation Facility to FJD60 million to include businesses affected by epidemics or pandemics, renaming it the Disaster Rehabilitation and Containment Facility.
|02B - Support policies for long-term lending info_outline|
|02B1 - Interest rate reductions||
No amount/estimate: The Reserve Bank of Fiji reduced the overnight policy rate to 0.25% from 0.5% on 18 March 2020 to counter the economic impact of COVID-19.
|02B2 - Other policies to support long-term lending|
|02C - Loan guarantees||
No amount/estimate: The Reserve Bank of Fiji expanded the SME Credit Guarantee Scheme to assist small entities.
|03 - Direct long-term lending info_outline||FJD100,000,000||USD45,380,287|
|03A - Long-term lending info_outline||FJD100,000,000||USD45,380,287||
(i) The Reserve Bank of Fiji raised its Import Substitution and Export Finance Facility by FJD100 million to provide credit to exporters, large scale commercial agricultural farmers, public transportation and renewable energy businesses at concessional rates; (ii) As of 4 October 2020, The previously announced concessional loans initiative for MSMEs impacted by COVID-19 have totalled FJD22.5 million in approvals.
|03B - Forbearance|
|04 - Equity support info_outline|
|05 - Health and income support||FJD1,210,900,000||USD549,509,893|
|05A - Health support|
|05B - Income support||FJD210,900,000||USD95,707,025|
|05B1 - Tax and contribution deferrals and policy changes|
|05B2 - Tax and contribution rates reduction||
Effective March 2020, No amount/estimate: (i) Temporary elimination of import excise duty (from 15%) on ethanol for production of hand sanitizers; (ii) Temporary elimination of import fiscal duties on certain products like glove, masks, disposable hair nets, hospital beds, etc.; (iii) Temporary elimination of the VAT on imports of certain products like vaccines, pharmaceutical products, etc.; (iv) Temporary increase of the import fiscal duties (by 0.2/L on fuel (diesel and petrol); (v) 17 July 2020, a second fiscal package was announced as part of the FY2020-21 budget for the fiscal year beginning in August, consisting of sizeable tax and tariff cuts. Other measures of this package can be found in 5B3 and 5B4.
|05B3 - Wage support and subsidies to individuals and households||FJD100,000,000||USD45,380,287||
(i) 4 June 2020, The Government expanded its unemployment assistance; (ii) 17 July 2020, The aforementioned budget in 5B2 also entails a total of FJD100 million for unemployment assistance; (iii) As of 11 September 2020, the Permanent Secretary for Poverty Alleviation of the Ministry of Women, Children and Poverty Alleviation is working to avail funds to help additional number of Fijians requiring social welfare assistance after the effects of COVID-19; (iv) 5 October 2020, regarding the 26 March 2020 supplementary budget, the Government reassured workers from parts of the economy (such as tourism) that have since opened up that they can report for work and receive aid on top of their salaries; (v) As of 8 October 2020, Authorities also announced a new hiring subsidy program under which the government will pay the minimum wage of FJD2.68 per hour and the remainder will be paid by the employers.
|05B4 - Subsidies to business||FJD110,900,000||USD50,326,738||
(i) 17 July 2020, The aforementioned budget in 5B2 also entails a subsidy to Fiji Airways of FJD60 million to incentivize first 150,000 tourists in new fiscal year; (ii) As of 1 October 2020, The Government has introduced several additional allocations amounting FJD50.9 million for the development of the sugar sector.
|05B5 - Indirect income support|
|05B6 - No breakdown (income support)|
|05C - No breakdown (health and income support)||FJD1,000,000,000||USD453,802,868||
(i) 26 March 2020, A supplementary budget (FJD1 billion) was announced in response to the COVID-19 pandemic. Supplemental expenditures on public health, lump sum payments through the Fiji National Provident Fund (FNPF), tax and tariff reductions, and loan repayment holidays aimed at protecting public health, supporting the economy, and ensuring food security. An Agricultural Response Package to ensure food security has also been announced. It includes the scaling up of the existing Home Gardening program and a new Farm Support Package which aims at boosting the production of short-term crops through seeds and materials distribution.
|06 - Budget reallocation info_outline|
|07 - Central bank financing government||FJD280,000,000||USD127,064,803|
|07A - Direct lending & reserve drawdown|
|07B - Secondary purchase: government securities||FJD280,000,000||USD127,064,803||
As of July 30, The Reserve Bank of Fiji has purchased FJD280 million of Government bonds to help finance the Government deficit.
|08 - International Assistance Received||FJD480,250,160||USD217,938,900|
|08A - Swaps info_outline|
|08B - International loans/grants||FJD480,250,160||USD217,938,900|
|08B1 - Asian Development Bank||FJD229,196,436||USD104,010,000||
(i) 15 April 2020, USD0.03 million announced by the ADB as part of the Strengthening Social Protection in the Pacific program. On 24 July 2020, additional USD0.05 million co-financing under the same program; (ii) 24 April 2020, USD0.11 million allocated by the ADB as additional funding to Fiji under the Regional Project on Developing the Pacific Health Sector; (iii) USD1.20 million under the TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases; (iv) 5 June 2020, USD0.17 million in financing under the Pacific Economic Management, Phase 3 project; (v) 15 July 2020, USD100 million funding from the ADB under the Sustained Private Sector-Led Growth Reform Program, with another USD50 million of co-financing from the AIIB; (vi) 24 July 2020, USD0.07 million under the regional project, Due Diligence and Capacity Development of Trade Finance Program Banks (Subproject 3); (vii) 10 August 2020, USD0.32 million under the regional project, Knowledge and Support Technical Assistance for Strengthening Water, Sanitation, and Hygiene Practices and Hygiene Behavioral Change in the Pacific; (viii) 12 August 2020, USD0.11 million under the regional project, Support for Gender Sensitive Responses to COVID-19 in the Pacific Developing Member Countries; (ix) 2 October 2020, USD2 million under the COVID-19 Emergency Response Project.
|08B2 - Other||FJD251,053,724||USD113,928,900||
(i) 20 May 2020, AUD10.5 million in quick financial support from Australia to support Pacific countries hit by both the recent cyclone and pandemic; (ii) 25 June 2020, USD7.4 million in funding from the World Bank to further support the Government of Fiji in strengthening its health systems in the wake of the COVID-19 emergency; (iii) 15 July 2020, USD50 million co-financing from the AIIB under the Sustained Private Sector-Led Growth Reform Program; (iv) No amount/estimate: 19 August 2020, The US Government, through the US Agency for International Development (USAID), has donated 50 brand-new, state-of-the-art ventilators to Fiji, Kiribati, and Nauru to assist their fight against COVID-19; (v) 14 August 2020, The AIIB approved a USD50 million loan to support the government’s efforts to provide assistance to the formal sector, including small and medium enterprises and their employees, and members of the informal sector.
|09 - International Assistance Provided|
|09A - Swaps info_outline|
|09B - International loans/grants|
|10 - No breakdown|
|11 - Other Economic Measures||
(i) 16 October 2020, The Fijian Government and the United States signed Trade and Investment Framework Agreement (TIFA), first of its kind with the United States to promote trade and investment ties between the two countries; (ii) 25 November 2020, Tourism Fiji held the first ever virtual Fijian Tourism Expo (FTE) to promote tourism and business activities in the country. The Expo is aimed at bringing together potential investors from Australia, New Zealand and leading industrialists in Fiji. [update]
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
(i) The authorities have been proactive in their efforts to keep the virus out of Fiji by early imposition of travel restrictions; (ii) Nationwide curfew and lockdowns have also been put into place.
|12B - Measures affecting business and workplace||
(i) Closing of certain types of businesses were implemented at the height of the COVID-19 pandemic.
|12C - Others||
(i) The Government reacted to the first confirmed case with a broad set of measures, including reinforced detection measures, restrictions on movements and gatherings, closures of schools and certain types of businesses (e.g. cinemas, gyms, etc.), a nationwide curfew and lockdowns of affected areas; (ii) As the number of cases have remained constant since Mid-April, the authorities started relaxing containment and mitigation restrictions at the national level on April 26th; (iii) 4 June 2020, no new cases have been detected as of the past 30 days, and the last active case was cleared by authorities; (iv) 21 June 2020, Phase 2 of Fiji’s COVID-safe Economic Recovery Plan leads to the gradual easing of some restrictions (e.g. national curfew, limitations on public gatherings) and the reopening of schools and certain recreational facilities under strict conditions; (v) The reopening of the economy under Phase 2 has been tied up with the launch of CareFIJI, a contact-tracing mobile application; (vi) 16 July 2020, The repatriation of Fijian citizens in July led to a resurgence of border cases – all quarantined in government-designated facilities.