Sinckler Says It Is Time To Leverage The NIS Fund To Benefit Barbadians

Chris Sinckler, Minister of Finance

It is a sad day when our politicians should be ‘arguing’ about how to spend/invest NIS Funds. Both political parties have borrowed from the NIS Fund. What is in dispute concerns whether the government has been investing NIS Funds in a manner which will NOT compromise minimum yield expectations. Government’s defence to the charge has been that local banks are paying 2.5% on deposits and therefore it is cheaper for the government to use the fund to develop Barbados while paying the fund 7.5%. A win-win situation. Minister Sincker promised that ‘very soon’ he will be outlining how the NIS fund is to be used to develop Barbados.

BU links the rising debate of government’s use of NIS funds to a declining economic performance and the need to maintain public sector employment along with a high level of spend on social services. It is ironic that the debate in parliament today was about a vote for 30 million to prop up the Transport Board. It is a pity the debate was not about the need to make the Transport Board more efficient rather than government’s social obligation to finance public transport.

Barbadians are becoming more concerned by the day about how the NIS should be invested. In a period which leads into a general election, it is inevitable the issue will become immersed in political rhetoric. There is merit  to the suggestion by independents that the NIS Fund should be managed with a measure of separation from central government. Perhaps using the Central Bank as a model?

The importance of the NIS Fund to the financial well being of Barbadians should be reflected in national discourse. It is unfortunate former Chairman Tony Marshall has made the decision to be silent about the non renewal of his contract to serve on the NIS Board. Then again he probably has his personal battle to wage. Like Ronald Toppin and many others in senior roles at the Fair Training Commission for example who resigned without explanation, the secrecy continues. The people are the ones who are shafted in a system which promotes lack of transparency.

What sums it it for many is the fact that in 2012 up to date financials of the Fund remains outstanding. A problem which has straddled both administrations.

  • millertheanunnaki

    @ millertheanunnaki | August 23, 2012 at 10:24 AM |
    Should read:
    After all, Carmetta Fraser’s motto still holds true today even more than ever:
    “FOOD COMES FIRST”.

    Like

  • Piece Uh De Rock Yeah Right

    First let me start by saying this submission is going to be deemed “sexist commentary” because of its content so i expect to be crucified by the female BU population.

    You testosterone brothers remember your first car? Remember tinkering with parts which you did not understand how they worked but because they were in you car, you wanted to touch and feel?

    Remember how the uninitiated, de fellows wid bicycles, in trying to keep up wid your popularity as the single fellow in your group of friends wid a car, used to join in the conversation and try to impress the girls by making inane comments like “de clutch of de Datsun in de middle?”

    Dis is how i liken Sinckler management of this NIS tingy, de fellow dat din had no car an wanting to gine de group.

    But you really can blame de fellow for trying a ting doah. The fact that the Ministry of Finance practicing a sophisticated Bingo game while chanting de words to the population “if you dont have a ticket you en got a chance” is only because the other fellows, de 14 other bicycle owners, who we give dem ministries, en got a clue bout a car neider.

    When has it ever happened in de history of Babadus that the Ministry which is tasked with managing the coffers of finance for Barbados, has to try a ting pun interest arbitrage?

    All dis “Sinckler lotto economics” just because the other forex earning ministries, led by the bicycle owners, de Ministry of Industry, dat for International Trade and de res uh dem.

    I reserve special mention for de greatest of the forex earning ministries run by dat spaced out looking fellow from de Ministry of Tourism, who elocution teacher tell he dat when he talking to de public dat he must fix he gaze at a spot two feet above de head of de tallest body in de room, to de right of all de people in de room, like if he pun drugs or sumting, (and to be trufful, de sh**e dat he does be talking does mek me tink dat he still smoking marijuana)

    The miracle of water being turned to wine seems to permeate the minds of all the Bajan electorate/populace.

    We seem to expect that because “GOD is a Bajan” that these sons of Barbados, by osmosis, will become “high science men”, in 5 years, balance de budget, using dese monkey economics, and mek we country become self sufficient overnight.

    All Hail, Mr. Sinckler or “Mr. Try-A-Ting” (and i en referring to dat young ting dat ..)

    Like

  • Websites to be forced to identify trolls under new measures

    http://www.bbc.com/news/technology-18408457

    Like

  • A word to the wise, Minister Sinckler

    The Government’s focus, in relation to offshore companies operating here, seems to be mainly on business development. More attention to matters of compliance is immediately needed, to avoid possible embarrassment. Your immediate actions should be to: establish a whistleblower hotline for employees within the industry, with appropriate protection for the employees, to facilitate tips regarding illicit transactions; and establish a program of compliance audits throughout the industry, to monitor the compliance, with applicable laws, of these companies on an ongoing basis. I trust that you will be guided by your wisdom.

    Like

  • What the F_ _ K, Barbados UnderGround now editing posts. My previous post on this topic is no longer available, who got to The Underground DLP, BLP or has corruption come to the BLOG?

    Like

  • @Willy Coyoite

    Do you mean this comment posted yesterday at 11.22? As you can see the comment remains; uncensored.

    http://bajan.wordpress.com/2012/08/21/sinckler-says-it-is-time-to-leverage-the-nis-fund-to-benefit-barbadians/comment-page-1/#comment-529976

    Like

  • @David

    Original comments were posted Aug. 23rd have been removed.

    Like

  • @ David

    The removed comments were posted Aug. 22.

    Like

  • @Wily Coyote

    Your accusation is false. No comment has been removed by BU. Take your time and check the comments list.

    Like

  • @Wily Coyote

    To repeat, BU has NOT deleted any comment.

    It is interesting to note that as we are discussing the financial haemorrhaging at the Transport Board (TB), approx $100 million dollars, the GM at the TB Sandra Forde was elected to the post of Treasurer of the DLP at the last Conference. Her experience at the TB may be seen as prepping her for the job. Interesting trivia for what it is worth :-).

    Like

  • I would have thought that if one has such a high profile political job, one would refrain from taking a party position. That is alright once it is the Dems doing it. She was pictured in the newspaper at some party excursion sporting her DLP T-shirt, so to take a position is quite OK and that is said with sarcasm.

    And to boot, the Transport Board has gone way down under her leadership. Typical Dem. It is five months into the FY and the Transport Board is broke!

    Like

  • @Wily

    Was looking forward to an apology, you still have not seen your comment for 22 August?

    May this link helps:

    http://bajan.wordpress.com/2012/08/21/sinckler-says-it-is-time-to-leverage-the-nis-fund-to-benefit-barbadians/comment-page-1/#comment-529976

    Like

  • “Who interviewed Carrington for his positions? I think he is an impostor.”
    MOST OF THE TIME SUCH PERSONS ARE HANDPICKED FOR POSITIONS AND INTERVIEWS ARE ONLY A MATTER OF WINDOW DRESSING TO FOOL THE UNSUSPECTING THAT PROCEDURES WERE FOLLOWED.

    Like

  • @ David
    Was she still in banking when appointed to manage TB? Is she also the Chairman’s close friend?

    Like

  • Chris Sinckler has been a colossal failure from Day 1. Estwick did a much better job but because of egos the DLP is afraid to accept it. Chris is like a poodle, alot of mouth but very little action. On the other hand, The Pitbull is the Pitbull, rough talking and getting something done. Time longer than twine Estwick. tek it light.

    Like

  • @enuff

    Let us accept that like the BLP partisans are usually appointed to these positions. Forde had retired from banking when she took up the position.

    Like

  • @ david

    At least OSA tried with his politics of inclusion….lol

    Like

  • @enuff

    There was nothing wrong with Arthur reaching across the division for people who can contribute, it is done elsewhere. However in Barbados there is the view one must change stripes/colours to make a contribution. Many believe that Arthur’s politics of inclusion contributed to the DLP’s poor showing for many years.

    Like

  • @ David

    I apologize, found my original comment in the “Older Comments” section.

    Like

  • @ David
    And the Dems’ politics of non-inclusion is now contributing to their poor showing for the last four years. Jepter Ince from Chairman of NIS to Senate making way for Sandra Forde who then left and went to the TB to be replaced by Tony Marshall replaced by Justin Robinson who is also Deputy Chair of Central Bank

    Like

Join in the discussion, you never know how expressing your view may make a difference.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s