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Tue, 26 May 2020

Fiji Airways Secures Vital Support from Government

Fiji Airways has secured vital support from the Fijian Government as the airline struggles to survive the difficulties caused by the ongoing COVID19 pandemic.

The bulk of the airlines international services have been cancelled through to the end of June 2020, with further reductions expected in July and August.

The sovereign guarantees will be issued by the Fijian Government in support of FJ$ 450 million-worth of initiatives aimed at bolstering the airlines cash reserves, including payment deferrals, and new long-term debt financing.

Mr. Andre Viljoen, Fiji Airways Managing Director and CEO said, With effectively no travel demand and therefore no cash flowing into the business, our primary focus since March has been the preservation of cash reserves, negotiating payment deferral arrangements with aircraft financiers, lessors, and suppliers, and raising new debt finance. We are extremely grateful to the Fijian Government for standing behind Fiji Airways and providing these guarantees, without which these financing initiatives would not be possible, and Fiji Airways would not survive.

Fiji Airways Boeing 737 MAX 8. Click to enlarge.

Fiji Airways will continue operating dedicated freighter services that support Fijis export sector and the Fijian economy as a whole.

Between 1 April to 14 May, the airline carried over 1000 tonnes of freight between Fiji and key trading partners like Australia, New Zealand, the United States and Hong Kong.

Just over 622 tonnes of freight carried were exports, comprising of fresh produce (75%), garments (14%), Kava (6%) and seafood (3%).

Inbound freight consisted of consignments important to Fijian businesses, as well as essential supplies like vaccines, test kits, medical supplies and humanitarian aid.

Governments around the world have publicly acknowledged the important role airlines play, both in terms of providing an essential service (transportation) and facilitating tourism and trade, and have taken action to ensure that airlines survive the COVID19 crisis. Similar support has been provided by various governments, even for legacy national carriers which are now privatised. We are grateful to the Fijian Government and the Fijian people for recognising the vital role of Fijis national carrier, Mr. Viljoen added.

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