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Reports say Grenada government requesting $10m loan from NIS
Published on November 28, 2012 Email To Friend    Print Version

ST GEORGE’S, Grenada -- The Grenada government, which has admitted to a cash flow problem, is again looking to do some borrowing from the National Insurance Scheme (NIS), according to a news report on Tuesday.

“Sources on the board of the NIS say government has made a request for another EC$10 million as it struggles to meet its wage bill for yet another month,” Caribupdate News Service said in an online report from St George’s.

“It is the third time the government is turning to the body in a disastrous fiscal year for the Tillman Thomas administration. The board is to decide in days on the request, but one director reported of members going sour on the constant requests.”

Caribupdate News said ministry of finance officials had not made themselves available for comment on the latest report of the request for assistance from NIS.

Finance Minister Nazim Burke has never admitted to government’s previous borrowings from the NIS, whose funds are used to support injured, sick and retired workers and to cover the funeral expenses of contributors to the scheme.

Veteran Grenada trade unionist, Chester Humphrey, has said that the labour movement has no problem with government borrowing NIS money in exchange for “convertible assets”.

He said the Trades’ Union Council is opposed to the NIS trading cash for “paper,” such as government treasury bonds.

“We would no longer be buying government paper,” said Humphrey, who is labour representative in the senate.

Among the expenses government has to meet is the payment of wages and salaries to public officers next week and again by December 15 in time for Christmas.

Caribupdate News points out that the Grenada government’s planned borrowing from NIS will be occurring “without the traditional parliament oversight, since the parliament there remains closed – an issue that is reported to be becoming an increasing concern of the directors.”

The report added, however, that “government controls the majority of directors on the board, which also has representatives from business and labour, and its requests for funds are routinely passed.”
 
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Comments:

Ian Francis, Toronto,Ontario:

STOP REPEATING YOURSELF. IF GONSALVES DID WHAT YOU POSTING HERE, THEN GO ST VINCENT AND CHALLENGE HIS ACTION IN THE COURTS.

IF NOT.LEAVE THE COMRADE ALONE

Peter:

Don't let them take from your NIS. Here in Saint Vincent the Gonsalves government have almost bankrupt the NIS in borrowing and schemes that are only devised in an attempt to keep them in power.

The NIS money belongs to the people who pay into it, not the government. Don't let them borrow NIS money, they were probably advised by GONSALVES to do this.

Gonsalves seems to be getting involved in your affairs. Beware the ALBA expansionist policies. Of course if you want to revert to MARXISM, Gonsalves has said on more than one occasion " I am here to finish the work of Maurice Bishop".

Peter:

Hello! IAN FRANCIS, it is well known that you are a supporter and self appointed public relations officer for Gonsalves. You speak up for him even when he is wrong .

In your eyes he can do no wrong, that’s you Marxist comradeship in action.

I am not saying that the money taken from the SVG NIS was an illegal act. But it certainly in my opinion was an immoral act. Because subsequent governments and our great grandchildren will have to replace any shortfall.

Someone needs to warn the people of Grenada about these kind of actions that puts there future pensions and sickness benefits at risk.

I can see your annoyance in my mentioning Maurice Bishop, because you as a staunch supporter would be.

I know you have been writing on these media’s for a long time, but you don’t have sole rights to opinions. I consider you a dangerous man, your articles can be misleading and loaded with support for wrong as well as right.


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