Fiji Airways has paid FNPF $116.3m in loan principal and has a balance of $226.5m – FNPF CEO

Fiji Airways has paid FNPF $116.3m in loan principal and has a balance of $226.5m – FNPF CEO

By Rashika Kumar
Wednesday 25/01/2023
Fiji National Provident Fund CEO Viliame Vodonaivalu

Fiji National Provident Fund CEO Viliame Vodonaivalu says to date, Fiji Airways has paid $116.3 million in loan principal and they have also received $99.7 million in remittance on loans.

While speaking to members during the FNPF Member Forum at the GPH, Vodonaivalu says as of 30th June 2022, the total loan balance for Fiji Airways is around $226.5 million.

He says the acquisition of 30.02 percent shares of Fiji Airways was a strategic investment for national strategic assets totalling $93.1 million.

He says FNPF has invested only around $2.8 million to fund the operation of Health Care Fiji at Ba Hospital and Lautoka Hospital.

Vodonaivalu says despite the significant COVID-19 payout during the year, the Fund posted a 7.4 percent return on investments in 2022.

He says as at 30th June 2022, FNPF’s investment portfolio stands at $8.6 billion.

The CEO says the investment portfolio grew from $4.46 billion in 2014 to now stand at $8.6 billion 2022 which is an overall growth over that period of 93 percent.

Vodonaivalu has also highlighted that as at 30th June, 2022, the Fund has total assets of $8.7 billion, an increase of $500 million or a 6 percent growth from the prior year. The CEO says the net income for the Fund was $650.8 million, an increase of $107.3 million or 19.7 percent growth from the previous year.

He further says as a result of decrease in the contribution rate from 18 percent to 10 percent, collection was low standing at $395.2 million as they normally collect around $600 million in a year.

Vodonaivalu says the contribution rate was increased to 14 percent from 1st January this year and they are now pursuing the Government to have the contribution rate fully restored as soon as practicable.

The CEO also confirmed that as at 30th June 2022, the members funds stood at $6.7 billion, an increase of $100 million compared to the previous year or a growth of 2 percent despite the negative net withdrawal of 2022.

He says their net increase in asset amount available for distribution during the year was $600.5 million, an increase of $104 million or 21 percent increase from the prior year and as at 30th June 2022, FNPF reserves stand at $1.7 billion.



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