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FIJI’s PUBLIC DEBT

FIJI’s PUBLIC DEBT. Mandate to audit Public Debt Constitution Audit Act Finance Management Act 2004 Accounts and Records Borrowing Fund Account-St. of Receipts and Expenditure. 1. Role of Fiji SAI. Analyse the Borrowing Fund Account Examine Reported Public Debt

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FIJI’s PUBLIC DEBT

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  1. FIJI’s PUBLIC DEBT • Mandate to audit Public Debt • Constitution • Audit Act • Finance Management Act 2004 • Accounts and Records • Borrowing Fund Account-St. of Receipts and Expenditure

  2. 1. Role of Fiji SAI • Analyse the Borrowing Fund Account • Examine Reported Public Debt • Foreign and domestic components • Changes in debt balances during the period • Financial costs • Components of internal control – authorization, initiating and recording transactions

  3. Role of Fiji SAI contd. • Verification of debt records • Compliance • Internal Controls • Laws and Regulations • Analyse the Borrowing Fund Account • Areas of Public Debt Management examined- • Contract terms and conditions of borrowings • Service (interest, discounts, and expense) payment procedures • Authorizations • Revaluation of foreign loans • Applications of resources from foreign lending agencies • Regulatory requirements for granting government guarantees • Contingent Liabilities

  4. 2. Composition of Outstanding Borrowings 2007

  5. 3. Borrowing in the Last Ten Years

  6. 3.1 Govt. Borrowings Outstanding • From 1998 - 2007

  7. 4. Deficit to be Financed from Borrowings • 2006 $348,146,225 • 2007 $306,858,903

  8. 5. Overseas Loan Raised in 2007 • Yearly Overseas Borrowings

  9. 5.1 Composition of Outstanding Overseas Loans • 2007 Composition

  10. Treasury Bills Raised • Composition of Treasury Bills

  11. 7. Flexibility – Interest Bite • Percentage of Debt Repayments to Total Revenue

  12. 8. Vulnerability • Measures the degree of dependence of Government on sources of Borrowing outside its control. • One of the measures is the comparison of overseas loan to the total debt.

  13. 8.1 Overseas Loan Percentage to Total Government Debt • Trend

  14. 9. Sustainability • Government Borrowing as a % of GDP

  15. 10. Summary & Conclusion • Total debt outstanding decreased by $124m or 5% in 2007 compared to 2006. • The Deficit to be financed from Borrowing also decreased by $41.3m or 12% compared to 2006 • Overseas loans raised in 2007 also saw a decrease of $19.6m o5 5% compared to that of 2006, and • The decrease of 4% in the Public debt ratio as a % of GDP indicates a favorable sustainability in debt.

  16. Thank You • Questions if Any!!!

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