Fiji Airways (FJ, Nadi) carried FJD678 million Fijian dollars (USD298 million) in outstanding loans as of July 31, 2025, according to testimony from the group chairman before Fiji's Parliamentary Standing Committee on Social Affairs in September.
Presenting the carrier's 2023 annual report, Nalin Patel said the airline had reduced its debt, after a period of significant borrowings during the COVID-19 pandemic, to FJD682 million (USD300 million) as of December 31, 2024.
“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 FJD100.4 million (USD44.2 million) in loans and refinanced approximately FJD94.9 million (USD41.8 million) offshore debt with domestic borrowings,” Patel said.
“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,” he added.
The debt level subsequently increased to FJD722.1 million (USD317.4 million) by December 31, 2024, following new borrowing. Patel explained that the airline repaid approximately FJD110 million (USD48.4 million) during 2024 but acquired new loans totalling approximately FJD150 million (USD66 million).
An additional FJD45 million (USD19.8 million) in loan repayments were made during the first seven months of 2025, bringing the total debt to its current level.
During the committee session, opposition deputy leader Parveen Kumar raised questions regarding Fiji Airways' debt with the Fiji National Provident Fund (FNPF). Outgoing chief executive Andre Viljoen said the airline's loans with the FNPF are being repaid annually.
“These loans from FNPF are highly securitised,” Viljoen 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.”
According to the airline's 2023 results, Fiji Airways recorded record operating revenue of FJD1.8 billion (USD791.3 million) and profit before income tax of FJD131.8 million (USD57.9 million).
Fiji Airways operates a fleet of three A330-200s, an A330-300, four A350-900s, five B737-8s, and a B737-800. Its regional subsidiary, Fiji Link (FJA, Nadi), operates an ATR42-600, four ATR72-600s, and four DHC-6-400s.
