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Action needed to save Fiji super Fund

ABC RADIO AUSTRALIA Updated May 18, 2010 17:05:32

One of Fiji's leading economists says urgent action is needed to save Fiji's only superannuation fund from future losses. Earlier this month, the Fiji National Provident Fund announced a 327 million Fiji dollar write down in its investment value. All workers in Fiji are required to contribute to the Fund and, as a result each one of them has more lost 9% of their retirement savings.

Professor Wadan Narsey from the University of the South Pacific says a web of links between the government, the provident fund and other major institutions is reducing the fund's ability to make a fair return on people's investments. His detailed analysis of the FNPF's position is published on the Auckland University of Technology website. Despite the enormous size of the loss , Professor Narsey says there are more losses to come. He told Jemima Garrett the losses on the Natadola Hotel have not been fully stated.

Presenter: Jemima Garrett
Speaker: Professor Wadan Narsey, from the University of the South Pacific

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