Govt. Debt balloons to $2.13 billion

[posted 30 September 2004, 16:00]

The Auditor-General's 2003 Report on Government finances indicates that national debt has grown to $2.13 billion, an increase of $243 million dollars over the previous year.

Approximately $1.8 billion of the total figure has been borrowed from the Fiji National Provident Fund, the remaining balance from foreign institutions like the Asian Development Bank, who fund infrastructure development projects.

Of particular concern is borrowing used to invest in government-owned companies,  virtually all of which provide dismal returns on investment, running huge losses each year.