NASFUND DECLARES ANNUAL INTEREST CREDITING RATE OF 11.75%

By Lethisa KOLOKOL

The National Superannuation Fund (Nasfund) is continuing to deliver strong financial performance and positive returns for its members and has announce its audited results for the year; 2024.

After a trustee board meeting today Nasfund declared an interest crediting rate of 11.75 % for the financial year 2024.

This translates to a distribution of over K839 million to members account this weekend, reinforcing the Fund’s commitment to Growth and increasing members savings despite economic challenges.

Nasfund’s Board Chairperson, Ms Tamzin Wardley said 2024 started on a rough start with the devastations of Black Wednesday, and the continuing Government cashflow crisis, along with the cost-of-living crisis has negatively impacted business performances.

She says the year 2024 saw the inclusion of 56,874 new members and 191 new companies joining the Fund, bring the total number of members to over 715, 000.

She attributed much of the financial gains for the year 2024 to the BSP investments which represented 59% of the overall financial gain.

Meanwhile Nasfund CEO, Rajeev Sharma emphasized that the short- and medium-term outlook of PNG’s economy remains cautious, confidence and performance will be underpinned by a projected recovery in the extractive sector.

He further stressed when they saw an increase in interest rates on Government Securities in 2024, the impact of these increases will only be seen in the future.

Mr. Sharma said investment division will intensify efforts to identify and assesses opportunities in the 2025 financial year, whist remaining vigilant in monitoring market conditions and investment.