THE Office of the Prime Minister and Cabinet (OPMC) has described yesterday’s front-page article by the Island Sun alleging the ‘Government goes through backdoor to borrow from worker’s (SINFP) savings’ as unfounded and misleading.
A statement from the OPMC said contrary to what the author of the article, Alfred Sasako has claimed, the Government went through the relevant authorities and procedures to secure its Domestic Development Bonds (DDB) financing arrangement with the SINPF for the primary purpose of raising funds for the Submarine Cable Project as a long term investment project for the Government and the NPF as a shareholder of the project.
The OPMC said the Government is transparent about the financing arrangement, as evidenced by the Statement it issued yesterday to announce the signing of the Agreement on the Domestic Development Bonds Agreement, which is intended to support investment into the domestic economy rather than making offshore investments that has in the past only attracted lower returns.
The Government had already paid in full its previous development bonds in late 2015 and due to effective debt servicing by the Ministry of Finance and Treasury over the past two years, it is now in a position to make larger scale investments that will have a positive flow on effect to stimulate the domestic financial market and the national economy.
“It is indeed surprising to see how Mr Sasako came up with the claim that the Government secured its financing arrangement with the SINPF through the backdoor has not even attempted to substantiate his claim.
“This is becoming a regular habit for Mr Sasako and only serves to demonstrate his desperation to attract attention by not letting a few lies get in the way of a good story,” said the statement from the OPMC.
The OPMC said as a senior journalist, Mr Sasako should lead the way in demonstrating ethical journalism, which in the Solomon Islands is based on the Media Association of Solomon Islands Media Code of Ethics.
This code of ethics incorporates nine Performance Standards which journalist are expected to abide by as industry professionals with Accuracy, Balance and Fairness being the first of the nine Performance Standards.
It said it is high time that the Media Association of Solomon Islands enforces a stricter adherence to its newly updated Media Code of Ethics to address the increasing level of unethical reporting by some local journalists such as the likes of MrSasako.
The OPMC reinforces the explanation by the Minister of Finance and Treasury that, “ The SINPF is well placed within the country to invest in long term national strategic infrastructure projects which can secure profitable returns for members whilst supporting the development growth of the national economy.
“The DBB arrangements are a constructive means of ensuring stable long-term returns for the SINPF and its members.”
