15 Nov 2010

IMF recommends Fiji Provident only makes safe investments

10:40 am on 15 November 2010

The International Monetary Fund has recommended that the Fiji National Provident Fund should ensure its investments are placed in safe projects.

A spokesman for an IMF team visiting Fiji, Jonathan Dunn, when asked about the Provident Fund's write off of several hundred million dollars, said the provident fund should consider thoroughly what investment projects it intends to invest in.

The fund earlier this year wrote down US$178 million from members funds from failed investment projects.

Fiji village says they include the Natadola Bay Resorts Development, the failed Momi Bay development , with the remainder from projects such as the Malthouse Brewery and Savusavu Marina,