Government’s $20 million guarantee for the Pacific Fishing Company (PAFCO) is part of a whole-of-government approach to ensure the company survives, consolidates and grows, says Finance Minister Esrom Immanuel.
Parliament unanimously passed the $20 million government guarantee for PAFCO yesterday.
Speaking in Parliament, Mr Immanuel said the support was not limited to the Ministry of Finance and the Ministry of Public Enterprises, but involved several government ministries working together to secure the company’s future.
“This guarantee is the initial work to be done by the whole of government to ensure that not only PAFCO survives, consolidates itself and grows, but also to ensure that the economy of Levuka and Ovalau also survives, consolidates and grows,” he said.
He said the Ministry of Finance was looking at measures including equity exemptions on parts, waiving tax penalties and introducing other support mechanisms.
The Ministry of Fisheries and Forestry would assist with resource supply, supply security and licensing, while the Ministry of Infrastructure and Fiji Ports would address fiscal asset remediation and marine access.
Mr Immanuel said the Ministry of Foreign Affairs and Trade would also look at trade protection, tariff resilience and international fleet sourcing.
He said discussions with Kiribati and Tuvalu were also expected to form part of the Government’s efforts going forward.
Responding to questions about PAFCO’s financial position, Mr Immanuel acknowledged concerns about its ability to repay its debt.
He said the company’s accounts were usually consolidated with those of other public enterprises, with the last accounts he had seen dating back to 2021.
However, he confirmed that the company had completed its accounts up to 2024, while its annual reports were up to 2023.
