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FSC cash flow dire says governor

 

Jun 11, 2010 12:00:00 AM

The Fiji Sugar Corporation’s cash flow situation is dire says Reserve Bank of Fiji governor Sada Reddy.

Presenting an overview of the Fiji economy at the annual Fiji Institute of Accountants Congress, Reddy said the FSC’s financial problems have to be fixed quickly and its cash flow situation “is dire to say the least”.

He said the fixes that the corporation needs are part of reforms needed in the sugar industry which now contributes only around 3 percent to real GDP, compared to around 11-12 percent 10-15 years ago.

Reddy said the substandard work done by Indian contractors as part of the ambitious mill upgrade program resulted in huge losses last year and was a disaster.

The sugar industry, said Reddy, needs to put in place strategies to increase cane production to two to three times the current production in the next 24 months.

Last year’s sugar output of 168,000 tonnes was the lowest since 1961, after peaking at 500,000 tonnes in 1994.

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