And here's a kicker for you mindless foot soldiers up at QEB - you too are being robbed.
FNPF funded govt $1.97B
Publish date/time: 21/06/2011 [13:12]
The Fiji National Provident Fund (FNPF) has provided the Government with $1.97 billion so far.
The 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 are very limited investment opportunities in Fiji.
While addressing members of the public at the last Public consultation forum on FNPF’s proposed review on the Pension Scheme and FNPF Act, 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 percent interest on the bond.
Story by: Sneh Chaudhry