Raine & Horne Commercial

Fiji The Fijian Government responded to COVID-19 with a $1 billion Stimulus Package announced together with Fiji National Provident Fund (FNPF). The Reserve Bank of Fiji responded by maintaining the Overnight Policy Rate at 0.25%, although the banks have tightened their lending policies. Consequently, the Island nation’s economy has contracted, which has impacted its emerging commercial property sector, notes CJ Shergill of Raine & Horne Fiji. Fijian workers in the hospitality sector who have lost their jobs or had their hours cut were able to access an initial $FJD1,000 from their FNPF accounts, with additional funds to be considered. Employees affected by the nationwide stipulated physical distancing requirements, along with employees in the Lautoka confined area who have been placed on leave without pay or had their hours cut, able to access an initial $FJD500 from their FNPF accounts. Despite the challenges posed by COVID-19, CJ predicts that once the economy picks up and tourism resumes, Fiji’s nascent commercial property markets will gradually return to pre-COVID-19 levels. 45 - CJ Shergill cj.shergill@raineandhorne.com.fj