South Africa. Government pension fund says it is ‘over-exposed’ to country’s economy
The Government Employees Pension Fund (GEPF) is “over-exposed” to the South African economy and this needs to be addressed, says Abel Sithole, the fund’s principal executive officer.
The GEPF has had an exposure of close to R500bn in local bonds issued by government and state-owned entities (SOEs), as at the end of March 2017, Parliament heard on Tuesday.
According to a written reply to questions posed by members of the standing committee on finance, the GEPF said as at the end of March this year, its investments in government bonds amounted to R327bn and R163bn in SOE bonds. Its exposure in Eskom alone is R84bn.
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