Thorunn Howatt
Northern News Services

Iqaluit (Nov 18/02) - Nunavut's finances are in good shape despite plummeting financial markets.

"Nunavut Trust out-performed 75 per cent of the rest of the market that we measured," said the territorial trust fund board's chairperson Okalik Eegeesiak. She credited strong money managers for the fund's success.

The Nunavut Trust Fund is the body of money the territory receives each year as part of Nunavut's land claim. Every year the federal government makes payments to the territory but that will end in 2007. So it is important that investment cash is well looked after.

The trust fund is overseen by a six-person board made up of two people from each of Nunavut's three regions.

Right now there is about $780 million invested in foreign, federal and territorial investments.

A separate investment advisory committee recommends money managers.

During the last quarter, the investment lost 5.2 per cent. But that's not bad compared to the rest of the market.

"On average, over three to four years, our annual rate of return was 5.9 per cent," said Eegeesiak. That compares to 4.7 per cent for the average investor.

The Nunavut Trust also reported the fund is healthy because of a large reserve built up during 1997-2000.

"The co-ordination between the Nunavut Trust and Nunavut Tunngavik Inc. (NTI) on financial planning is very strong and serves to protect the interests of Nunavut beneficiaries," said Paul Kaludjak, NTI's vice-president of finance.

NTI represents the financial interests of Nunavut's Inuit.

"We are on target for meeting the objective of $1.148 billion in the Nunavut Trust by the end of fiscal year 2007," said Kaludjak.

NTI is looking for $34,195,147 from the Nunavut Trust according to its 2003-2004 annual budget.

The Nunavut Social Development Council was made into an NTI department recently. NTI will receive $18,384,626 from the trust fund with the remaining $15.8 million going to NTI's associations, funds and development plans.