I READ with interest, that government has been advised by the Chief Economist for the ANZ Bank, Paul Gruenwald, that they reduce their borrowings which is 73 per cent, from the Fiji National Provident Fund (FT 8/3). Even more interesting and disturbing is, Mr Barry Whiteside, Governor of Reserve Bank of Fiji, stating that “FNPF was the only willing purchaser, with the commercial banks shying away”.

As far as I am aware, the Fiji National Provident Fund is not a commercial bank, but a superannuation fund that was specifically formed to take care of people after they retired, until their death.

So, with the above in mind, perhaps Mr Whiteside and the FNPF Board might like to explain this anomaly to the members and we pensioners who are about to have our pensions drastically cut, how and why FNPF is willing to lend this high percentage to the government, while commercial banks are not?

Talei Burness
Suva

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