FNPF funded govt $1.97B
FNPF funded govt $1.97B
By
fijivillage.com
21/06/2011
The Fiji National Provident Fund has provided the government with $1.97 billion so far.
Chief Investment Officer of FNPF Jaoji Koroi said that a lot of concern has been raised about this investment.
He said in accordance to FNPF’s policy statement, it is high, however unfortunately there is very limited investment opportunities in Fiji.
Koroi added that this investment is done through commercial banks and is not an investment done overnight.
He said it reflects the funding of the Government’s deficit over the years as the government runs on a deficit and needs to be funded.
He said it is an accumulation of funding overtime and government has never defaulted on this obligation.
He confirmed that the government is charged 7.2% interest on the bond.
Story by: Sneh Chaudhry
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