FIJI National Provident Fund (FNPF) remains the biggest lender to government, reveals the Ministry of Finance’s July-October 2025 Government Debt Report.
The report indicates FNPF continues to play a crucial role in financing government operations, emerging again as the largest single holder of domestic government debt.
The data shows FNPF’s investment in government bonds rose to $4.25billion in October 2025, reinforcing its position at the centre of Fiji’s domestic capital market.
FNPF holdings now account for well over half of all government bonds on issue.
Overall, government debt stood at $10.82billion, while the debt-to-GDP ratio eased to 73.8 per cent, down from 77.1 per cent in July — a sign officials say reflects improving economic performance.
Fiji’s domestic debt reached $7.09billion at the end of October 2025 — equivalent to 48.4 per cent of GDP — driven by higher bond issuance and continued rollover of Treasury bills, according to the Ministry of Finance’s report.
The total comprises $6.77billion in government bonds and $325million in Treasury bills (T-bills).
Domestic debt rose 1.7 per cent compared with the previous quarter and was 5.3 per cent higher than the same period a year earlier.
During the quarter, Government utilised $204.9million, or 22.1 per cent, of its approved domestic borrowing limit for the 2025/2026 financial year.
This included $197.1million in Fiji Infrastructure Bonds (FIB) and $7.8million in Viti Bonds, while $170million in T-bills was used to roll over maturing securities.
Investor appetite remained strong with Viti Bonds recorded 51.9 per cent utilisation of their $15million borrowing cap, and both FIB and T-bills were oversubscribed on average, signalling growing market interest in government securities across both short- and long-term maturities.
