Dear Editor, The Sovereign Wealth Fund meetings by Government is a real farce. There is no harvesting, no transportation of minerals to markets, no pricing, no sales, nothing!

Seabed harvesting will not even happen maybe until 2040 or even after 2045, that’s over 15/20 years’ time? Stop lying to the people.

So why has the Prime Minister decided to kick start these false disguised meetings and try to excite the people? Well, it’s only because we have the elections in 18 to 24 months’ time and as (columnist) Ruth Mave would say, constant lying by government is not aimed at making the people believe a lie, but at ensuring that no one believes anything anymore.

Come on seabed mining experts, say your piece and tell the truth, don’t try to fool the people as well.

Stop dreaming

(Name and address supplied)

Reply

Kia orana,

The Sovereign Wealth Fund (SWF) is about more than just Seabed Minerals Harvesting and I have been clear about this during recent public consultations. It is about being a responsible and strong guardian of Cook Islands’ wealth, and has been on the cards for a several years. 

Money for the SWF is expected to come from many sources, such as one-off economic boosts, not only or solely minerals harvesting. The decisions on future minerals harvesting are entirely separate to the fund, with its own robust process and independent regulator.

There are three parts to the money being set aside in the fund:

1 – an account to aid in response to natural disasters,

2 – an account to aid against significant economic downturns, and

3 – an account to save money for future generations.

The establishment of the Sovereign Wealth Fund will help make the Cook Islands economy stronger and protect us against future unexpected events like another pandemic.

Some readers will recall the establishment of the $57 million Stabilization Fund set up in June 2019 built from budget surpluses, which we used to support the economy during the early stages of the Covid-19 pandemic. This fund will be hosted within the SWF. The fund will be managed independently of government, it will be open and transparent in its dealings, and will be a custodian for all Cook Islanders, today, tomorrow and the future.

Kia manuia,

Garth Henderson

Financial Secretary