Pacific

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 526
% of GDP (2019): 9.49%
% of Regional Total Package: 21.23%
Package Per Capita in USD: 595.84
Note: Measures 9 and 10 are added to the sum of Measures 1-5.
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 April 3 to ensure that adequate foreign reserves can be maintained. It reported foreign exchange reserves stood at FJD2.212 billion (6.9 months of retained imports) as of May 28, 2020.

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

No amount/estimate: The Reserve Bank of Fiji reduced the overnight policy rate to 0.25% from 0.5% on March 18 to counter the economic impact of COVID-19.

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

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; No amount/estimate: Announced a concessional loans initiative for MSMEs impacted by COVID-19.

03B - Forbearance
04 - Equity support info_outline
05 - Government support to income/revenue FJD1,000,000,000 USD453,802,868

(i) March 26, 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; and effective March 2020, No amount/estimate: (ii) Temporary elimination of import excise duty (from 15%) on ethanol for production of hand sanitizers; (iii) Temporary elimination of import fiscal duties on certain products like glove, masks, disposable hair nets, hospital beds, etc.; (iv) Temporary elimination of the VAT on imports of certain products like vaccines, pharmaceutical products, etc.; (v) Temporary increase of the import fiscal duties (by 0.2/L on fuel (diesel and petrol); (vi) June 4, Government expanded its unemployment assistance. Further details to follow.

05A - Health
05B - Non-health
06 - Budget reallocation info_outline
07 - Central bank financing government
07A - Direct lending & reserve drawdown
07B - Secondary purchase: government securities
08 - International Assistance Received FJD32,941,396 USD14,948,900
08A - Swaps info_outline
08B - International loans/grants FJD32,941,396 USD14,948,900
08B1 - Asian Development Bank FJD2,247,672 USD1,020,000

(i) April 15, USD0.03 million announced by the ADB as part of the Strengthening Social Protection in the Pacific program; (ii) April 24, USD0.11 million allocated by the ADB as additional funding to Fiji under the Regional Project on Developing the Pacific Health Sector; (iii) USD0.71 million under the TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases; (iv) June 5, USD0.17 million in financing under the Pacific Economic Management, Phase 3 project. [update]

08B2 - Other FJD30,693,724 USD13,928,900

(i) May 20, AUD10.5 million in quick financial support from Australia to support Pacific countries hit by both the recent cyclone and pandemic; (ii) June 25, 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. [update]

09 - International Assistance Provided
09A - Swaps info_outline
09B - International loans/grants
10 - No breakdown
11 - Other Economic Measures
12 - Non-Economic Measures

(i) The authorities have been proactive in their efforts to keep the virus out of Fiji by early imposition of travel restrictions; (ii) They 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; and (iii) 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; (iv) June 4, no new cases have been detected as of the past 30 days, and the last active case was cleared by authorities.