Radio New Zealand - Te Reo Irirangi o Aotearoa

Fiji Sugar Corporation will repay loan to India’s EXIM next year

Posted at 23:23 on 03 November, 2009 UTC

The Fiji Sugar Corporation is to commence repaying a loan to India’s EXIM Bank next year and not this year as scheduled.

The Fiji Times reports the FSC chief executive Deo Saran confirmed the move when questioned on the impact of the devaluation of the Fiji dollar on their repayments.

Fiji obtained the 45 million US dollar loan in 2004 and was given a five-year grace period on the repayment.

Mr Saran says the loan was used on the mill upgrading program.