Pacific

Commonwealth helps upgrade Fiji debt system

09:33 am on 20 May 2014

The Commonwealth Secretariat is helping the Fiji government upgrade its debt management system.

The Fiji government says the move comes following the lifting of sanctions on Fiji.

Debt managers with the global development agency, Crown Agents, are upgrading the Secretariat Debt Recording Management System housed at the Ministry of Finance.

The Fiji government has used the system since it became a member of the Commonwealth for recording, monitoring and evaluating foreign denominated loans and domestic securities.

The government says for the last two weeks, a Crown Agents consultant has been working closely with the Debt & Cashflow Management Unit of the finance ministry to update the system.

The last update was done in 2005.

The new version includes tools for developing borrowing strategies, conducting stress testing and enabling the government to report its public debt statistics to international standards.