BOARD chairman of the Solomon Islands National Provident Fund (SINPF), Peter Boyers has revealed that 7.9% is the interest rate to be paid for the money borrowed by government.
According to Mr Boyers, this is the best rate they ever negotiated.
He told the Solomon Star last Thursday that 7.9% is the interest rate for the million-dollar borrowings the government took from SINPF, to pursue the under-sea cable project.
“This is the best ever deal with the government, compared to the 2.5% rate in the previous dealings.
“The SINPF board is striving to ensure that they strike a better deal with borrowers to get better earnings for the fund, which will in turn benefit the members.”
He said in the past, SINPF only gets 2.5% interest which is not good, but now they have started to strike better deals by getting rates above 2.5%.
“7.9% is the best deal ever made with the government that will see SINPF and its members benefiting much from their savings.”
Meanwhile, Mr. Boyers said once the under-sea cable project is completed SINPF and members will earn more from the revenues generated in its operation.
By AATAI JOHN LAUNGI