News and information service for Banaban Network Worldwide!
ABC RADIO AUSTRALIA Updated
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