NATIONAL airline Fiji Airways owes $678million in loans as of July 31 this year.
Presenting the airline’s 2023 annual report before the Parliamentary Standing Committee on Social Affairs in Suva this week, Fiji Airways group chairman Nalin Patel said the airline has been paying off its debts which were mostly accumulated during the COVID pandemic.
“We reduced our debt levels by $100million which stands at $682million as of 31 December, 2024,” he said.
“In our detailed submissions under Question 5, in terms of our loan repayment, the report noted that in 2023 the airline managed to pay back $100.4million in loans and refinanced approximately $95million offshore debt with domestic borrowings.
“So, what had happened, we had some expensive debt which was foreign currency-based and that got refinanced locally at a cheaper rate and onshore.”
Mr Patel said the new loan acquired in 2024 increased the airline’s debt.
“The loan repaid was approximately $110million and the new loan acquired was approximately $150million, therefore, the total debt as at December 31, 2024, stood at $722.1million.
“The loan that was repaid during the 2025 period was approximately $45million, therefore, the balance of the loan as at July 31, 2025, stood at $678million.”
Meanwhile, Opposition deputy leader Parveen Kumar questioned the airline’s debt with the Fiji National Provident Fund (FNPF).
Outgoing chief executive officer Andre Viljoen said the airline’s debt with FNPF was being paid annually and the repayment requirements were highly enforced by the fund.
“These loans from FNPF are highly securitised,” he said.
“In fact, they are over securitised by almost three to one.
“From FNPF’s perspective they are well securitised and they are very comfortable with the debt because what happened during COVID, there was a capital moratorium placed for three years that is now up and we are now starting to pay off the capital.”
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Note: This article was first published under the headline: Airline owes $678m in Page 16 of the print version of The Fiji Times dated Saturday, September 06, 2025
