26 Apr 2004

Samoa denies diverting pension funds

3:31 pm on 26 April 2004

Samoa's Central Bank has denied reports that it has used money from the Samoa National Provident Funds to finance any infrastructural projects.

A University of the South Pacific academic, Professor Ron Duncan, is reported to have said that Samoa was going against economic reform principles set out by the World Bank.

He said Samoa was using superannuation funds to finance budget deficits and public infrastructure.

But the Governor of the Central Bank of Samoa, Papali'i Tommy Scanlan, said the government had not used superannuation funds to either finance the budget or on infrastructure projects in the past twenty years.