Friday, 5 October 2007 4:29 PM

Back to Basics and Do Them Well: SICTU Briefing

The Solomon Islands National Provident Fund held a briefing with members of the Solomon Islands Council of Trade Unions.

Set on the theme "Back to basics and do them well", the SICTU briefing covered an overview of SINPF's past, present and future.

Addressing the briefing, Chairman of the SINPF Board, Adrian Wickham said a new legislation reform has been drafted under a World Bank TA in 2005 to the SINPF Act, which is yet to be fully considered by all stakeholders.

"With the restoration of law and order, government finances have improved and business confidence slowly returns," said Mr. Wickham.

The Solomon Islands Economy rebounded in 2002 after the Solomon Islands' economy hit rock bottom in 2001.

Following RAMSI's arrival in August 2003, the government restructured and regularized its development and treasury bonds with the commercial banks and the SINPFB in December 2004.

Mr. Wickham said with the establishment of the Investments Department, and a new Board appointed in April 2005, the SINPF now deals with SINPF Impaired Investment Assets and Bad Debts such as equity, loans and properties.

He said at present, the approval and adoption of a new investment policy, and guidelines for both the fund's onshore investments, aim to deliver returns to members that protect the value of their contribution over the long term.

To date, current financial performance for SINPF to 30 June 2007 records an
18 % increase with the members crediting rate.

Mr. Wickham said the external challenges and risks include a slow down in the country's economic growth, changes in the legal environment, limited domestic investment opportunities and political interferences.

He adds that SINPF are holding a position as a potential partner in long term investments to further the economic and social development of Solomon Islands.

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