NIS Government Paper for Trash

Is it irrational for citizens of Barbados to lend their accumulated savings , gratuities and separation packages to the GoB? Based on GoB track record is it unreasonable to expect repayments of those loans? Would you prefer the citizens to buy imported luxury consumption goods with all their income?



The citizens now senior were making provisions for their old age. The interests payments were intended to augment their income /pensions and to educate their children.



Interest rates on GoB papers rarely exceed 7.5 % and they were down to 6% in the last 5 years,. It is a serious breach of contract for GoB to squander its reputation as a country which honours its debt obligations. It is going to be difficult to gain the confidence of lenders in the future. A very short sighted was to default.

Vincent Codrington

The blogmaster was reminded that the National Insurance Scheme is the holder of over 2.5 billion in government paper based on their website.

What does the restructure of government debt restructure for NIS and Central Bank of Barbados government holdings?

How will the reduction in investment income impact the fund’s capacity to deliver pensions to senior citizens?

Of greater concern is how will retirees negotiate the economic hurdles posed by the debt restructure because of what they thought was astutely investing in government paper to supplement retirement income. The reality however is that any investment carries risk, government paper is no exception.


  • Northern Observer,

    Rotating mediocrity.

    Liked by 1 person

  • All tgem chairs but where are the cushions
    Nothing has been implemented to cushion Barbados fast economic freefall
    Today the IMF approves 290million debt swap
    So govt has swap 290million debt from one sets of bandits and handed it to another
    Hope govt is not entertaining any plans to extend the maturity of debt instruments for bond holders
    Which makes me wonder where is the shortfall of the repayment of debt due to external institutions coming from
    Giving thought to the fact that country will still be incurring debt debts which will be acquried while running the country.


  • Northern

    The director of finance sits on this new Board.This new Director of Finance is Ian Carrington – the former head of the National Insurance.

    Please read the Bdos Today article again.


  • Look at you roverp – you got tired of writing this crap on Bdos Today and you and people like Lorenzo come here to spit the same bile.

    How much lower can you go when you can blame our seniors (who have laid the path for people like you) – for seeking to use their investment to look after themselves rather than depend on govt.

    That BLP koolaid is going to slow poison some of you all.

    Liked by 1 person

  • Sorry ! But have to give credit where credit is due
    Even when my utterances annoyed many on BU all meant to be for the good
    By read of local newspaper i am very pleased to read that Mottley has plans in mind to have pre planning exercises and more education on preventive measures for the people in flood torn areas
    Govt role is to lead and direct people towards safety
    It doesnt cost much for govt to have preventive programs in place when weather related storms approach Education on a much higher level that focus on safety is sufficient


  • Warning,

    There is news about Lisinopril and its effects on black people. If you are taking this drug plse talk to your doctor.


  • @Hal

    Yes, pensions policy is enormously complex. But if a government can’t organise and manage a handful of labourers to cut grass on a stretch of road how can it effectively manage such complex issues?

    Beside the issue of square pegs in round holes there is also the problem of unwillingness to call in the required expertise when necessary. If the know-how is not available locally then one would assume that we would look externally. But then again that may expose our local gurus and shed too much light on proceedings.

    By the way, we don’t do bespoke solutions in Barbados. If it cannot be copied and pasted from the US/ UK/ Canada then it is impossible and can’t be done.


  • The same IMF some said would never approve any loan to Bdos with free tertiary education, pay increase for public workers and increased pensions. Nuff wunna gine eat wunna words in the years ahead.


  • no T Inniss people like us want to know where you were before May 24th,when the try a thing Government which you obviously support,was killing people with taxes and you said nothing not even to offer all this new found advice to Mr sinckler or the ex PM.Therefore our position on you is that you are a Dem yardfowl and propogandist,who come to this blog,to mislead people,but,i will call you out ,wnenever you attempt to mislead people,you could like it or lump it.T Inniss you have at least 20 years to bellyache,based on your chosen leader and Deputy who cannot even win a seat far less a government.Off Topic,i wonder why Mr Ellis allows these Dems like the old returning national 20 minutes and more to talk so much rubbish,keep them short as their party was soundly rejected at the polls and few want to hear their diatribe.


  • Enuff…we don’t mind…as long as Mia pursues those in the last government and their minority masters who RIPPED OFF the taxpayers and pensioners …..AND recovers all the stolen money..


  • St Lucy is in trouble commissioner Ty P Griffith !

    Move out all those enablers at the Crab Hill police station and bring some fresh new cops with clean hands.

    One of Mia’s invitee to the opening of Parliament – her special friend – Lord Evil got Crab Hill on lock down.This cannot be allowed to continue TY P.

    I am waiting for Bounty’s turf in St Phillip to flare up soon – because after all their woman in charge now.


  • S. Dullard,

    I know pensions policy is complex. The Brits have been trying to sort out its problems for the last three decades, without any success. At one point we have a new pensions Act every year.
    I have mentioned two incidents here before and will again: the first was an email exchange with David Thompson who admitted the issue was outside his area of expertise and he passed it on to Dr Justin Robinson to deal. Justin was no better.
    The second was a meeting at the high commission in London attended by Kellman and Dr Robinson, I was making a number of points to Robinson, which he was not answering adequately when Kellman intervened. Much to my continuing embarrassment, I was so incensed, I shouted at him to shut up. I can give another example, but it may identify the civil servant concerned.
    However, we can buy in expertise


  • Why would the IMF. not approve a loan to countries in debt
    Afterall the IMF is a vollection agency with long strings attached in the eventful Govts like barbados default on repayment
    The cries of the seniors would continue as the austerity measures become harsh and unbearable


  • NorthernObserver

    I stand corrected.
    Is one to assume only the BWU has a rep, and not the NUPW?

    Lets return to my original query……if both the former Chair and the CEO seem to on good footing, what does this tell us about the investment execution at the NIS? If neither the former Chair nor the CEO are held responsible for the consistent variation between the Investment PLAN and what the NIS ACTUALLY invested in, WHO is?

    Said variance occurred repeatedly, as noted by the Actuarial reviews. WHO had the power and influence to direct the actual purchase of investments by the NIS, when said purchases ran contrary to the Plan approved by NIS Board?


  • NorthernObserver

    “Deputy Chairman – Leslie Haynes”….BT says Avinash Persaud….’while Professor Avinash Persaud will serve as deputy chairman.’


  • Northern Observer,

    What we want to know is: who is there an investment committee, if so, who are the members? What is the investment policy? What is the asset allocation policy? Is investment outsourced, if so how are the fund managers chosen? What is the mandate? Who is responsible for stock picking? On what basis is this done? Does Professor Persaud have any answers to the above?


  • NorthernObserver

    from the Actuarial Audit, there is an Investment Policy Statement for “some” of the ‘funds’ operated by the NIS. {recommendation..(iii) Establish written investment policy statements for both the Unemployment and Severance Funds}. Also from the Audit the targeted asset allocations are given, and how the actual varies from target.
    Since the NIS has been unable to publish an audited Annual Report in 13 years, one has no idea exactly what sub-committees exist (but the audit suggests they do exist) or who is on them. We can ‘guess’ it is not external experts, because this is one of the Audits recommendations.(provide for other Board sub-committees to include, and possibly be led by, non-Board members, who have experience and qualifications in the applicable field) We have no idea who, internal or external, executes the IPS (Investment Policy Statement).
    Given one former Board Member, Colin Jordan, is now the Minister in charge, another former member Ian Gooding-Edgehill is now the Chair, the former CEO (Managing Director) is also now a Board member, and was promoted to Director of Finance and Economic Affairs under the current administration, the former Chair Dr JR was retained as a Director at the CBB, I am at a total loss as to where accountability lies for anything within the NIS.
    It would appear the pool of persons capable and/or willing to serve on the island’s most important public financial entities, is very small. And that attempts to bankrupt the NIS and failure to report for extended periods are deemed key qualities for promotion and inclusion in key decision making positions.
    I know your retort….Barbados is a failed state.


  • NIS “contributions” are a tax. we know this because the former central bank governor and the IMF din’t count the GOB debt to the NIS. it is there to be taken as the dems did and used as the GOB likes. having a board of supporters only makes the taking easier, but so did the last. an independent board would not have lent the GOB money, especially since no-one else would. nothing new here.

    when do we hear what targets have been agreed with the IMF? i bet we hear very soon about the “restructuring” of the civil service. i bet international bond holders don’t budge. the economy is under more pressure and you can literally see it or the lack of activity. NIS increased contributions have not gone on yet. civil servants haven’t gone home yet. bond holders, including companies haven’t calculated fully what the cuts mean to them in cash flow and balance sheet losses yet. its going to be a very tough ride. we need a growth plan NOW.

    Liked by 1 person

  • lol..

    [video src="" /]


  • NorthernObserver

    from the same Actuarial audit
    “When government debt is viewed with NIS holdings excluded, the implicit assumption is that these assets are not “real”
    and that government raising taxes to repay the NIS is akin to raising the contribution rate on NIS contributors. This is
    because government tax revenue and NIS contributions come largely from the same sources – businesses, workers and
    While the above discussion is primarily academic, the Fund faces the risk of GOB restructuring some or all of the debt
    that NIF holds. A restructuring of Government debt could include the face amount being reduced and/or yields drastically


  • straughn said today on the radio that nis debt was/would be restructured but not central bank debt, because the central bank is government but nis is not. they count it depending on what suits at the time. claimed that central bank debt issue was at the request of the MOF, like if the nis debt was not. all governments will do as necessary to save themselves.

    Liked by 1 person

  • Bottomline….. those negros in parliament are their own economic hitmen.

    They are useless…just like those who went before them.


  • i really would like someone to explain why 10 years of tax increases, no public services and a smaller economy than 2007, not to mention what is still to come is good but devaluation is bad? i am open minded, but please don’t quote the old “it won’t help we don’t export anything” or something similar. just take your time and explain it, im stupid, but i will get it eventually. in mid 2011 the canadian dollar bought $2 bds, but in early 2006 it bought only $1.4 = 30% less, was that a devaluation of the CDN? in nov 2007 the british pound bought $4.18 bds but in jan 2017 it only bought $2.50 = 40% less, was that a devaluation of the pound. could our lack of “direct foreign investment” and tourism earnings have something to do with two of our fx earning countries not seeing “value” because of the “strength” of our dollar? did riots break out in canada or the uk because of their devaluations?


  • also don’t come with the “foreigners will buy up everything”. our home “values” are off 50%, and so are now the “value” of GOB bonds. i see no sign of a rush by people with a real currency to buy either, in fact the rush seems to still be going the other way, and “buying up everything” is also sold as “direct foreign investment” depending if it said to cause fear or optimism.


  • Northern Observer,

    All the questions I have asked should be answered on the home page of the NIS website.


  • BA for Minister of Finance!

    The statement “it won’t help we don’t export anything” simply reveals the insane, outlandish local perspective. Barbados doesn´t export anything BECAUSE of the peg.

    Is this so difficult to understand for all the “educated” native consultants of the present gov???


  • Dullard, you cannot look at the pound and the Canadian dollar against the Barbados dollar that way.
    What you are seeing are their movement against the US $.

    Let me pose this question … is your 2018 barbados dollar buying more than the 2011 dollar.

    Liked by 1 person

  • That comment was for BA….


  • i thought they were supposed to be buying from us? and now getting a lot less for it. thats what i am missing. we should be buying stuff from america, and keeping our dollar to high so we can continue to import. gotcha.


  • isnt it strange for us to keep talking about reserves and tourism and ansa, goddards, massey, sagicor, courts, cave shepherd dont earn any fx or own any hotels. in the case of cave shepherd you could claim that they earn some on what they have spent to import, but net im sure is negative. so if all the publicly listed and best capitalised, employing the brightest are dedicated to spending fx on imports then maybe a strong dollar makes perfect sense. we wouldnt want the jet ski operator driving a bmw and living in royal westmoreland while the head of massey is catching the bus to work. i also hear a lot about “brand name” hotels, because after 50 years we still dont know how to run one. massey made a meal of almond, literally. butch got into hotels to get fx to import air conditioners into jamaica. maybe if we starved our best for fx they would learn how to earn it too? but i am open to the strong dollar view, im obviously missing something


  • who do you think funds both political parties
    who will threaten mass layoffs at the slightest attempt to address the exchange rate or place reasonable restrictions on imports


  • Trinidad & Tobago’s young millionaires in Karatbars International! Will Barbados be next?


  • When ya talking the truth, ya talking the truth..

    “By Youri A Kemp

    While Barbadians and Caribbean folks at large bask in the glow of a female leader taking the helm of one of our beautiful islands, making the honeymoon phase of the new Barbados Labour Party (BLP) administration longer than it would normally be, we must now begin to get down to the serious issues that: 1. Barbadians have a life and a country that needs to be healed; 2. Facts need to be set aside from the fiction of the campaign slogans and promises; and 3. Barbadian problems before the elections still exist and need identifiable solutions that can be tracked moving forward.

    Thus far, newly minted prime minister of Barbados, Mia Mottley, a woman on a very short list of women leaders ever to have graced parliament as an elected member, and on an even shorter list of women to be elected as leader of their respective countries, is in the realm of being both clown and con-artist all at the same time.

    Now, before I hear the calls of “mind yuy busisiness” and “go talk about The Bahamas” or “why are you attacking a female leader and not no man”… save it. I talk about everyone. Plus, I’m making it my business from the observations and, despite what may be written after this, I wish the Mottley-crew all the best, as Barbadians need a break.

    Let me start off by saying first off: Mottley is no neophyte to the political game in Barbados. Her father was a former member of parliament; in addition she has held cabinet positions in government before and has been a member of parliament for quite some time.

    Washing the obvious fact that she is a female aside, nothing about her screams of anything other than a regular, every day, run-of-the-mill politician in the old masculine (old boy) mould — in behaviour, deportment, actions, characteristics and in speech. Do not let the physiological aspect of “being a woman” and not having “man-bits” fool you — it is as relevant as or important to the frame of her policy direction as is the colour of her hair.

    The first time Mottley audaciously clowned us is when she responded to claims that her administration had poached the Ross University away from her sister island of Dominica — citing the fact that the country had just not made a sound enough rebound after the devastating Hurricane Maria that destroyed the country in December, 2017. A move she alluded to on Facebook Live was done with the full understanding, knowledge and tacit approval of the prime minister of Dominica, Roosevelt Skerrit.

    Prime Minister Skerrit came out and denied ever having any such discussions with Mottley on the relocation of Ross University to Barbados, quite obviously. And anyone would wonder why Skerrit would agree to such a thing when Dominica needs all of the help and economic input it can get?

    Simply put: No one believed Mottley then, and no one believes her fantastic story now. Particularly anyone in the region with a brain-cell. You can pull that on Barbadians who have to live under a one-party rule parliament where you are the constitutionally established dictator, but no one else is obligated to appreciate those statements or movements.

    The first time Prime Minister Mottley conned us, however, was when she brought in the International Monetary Fund (IMF) to help stabilize the country after the disastrous economic collapse that was reportedly gripping Barbados under the former Democratic Labour Party (DLP).

    Set aside that Mottley’s party platform laid out, what it called an intensive formula for economic recovery, tax-incentives, in addition to stating that it will increase investments based on its strategy, to switch and turn to the IMF within a fortnight after winning office, essentially setting aside what they campaigned on, was not just “run-of-the-mill” politics from the standard mould; but a con-job of the highest order.

    From reviewing both BLP and DLP platforms, I saw that what she was offering was not going to cut it. There was no plan and no forethought to an economic plan that made credible sense.

    Taxing businesses, disincentivising them to produce more, promising “free money” to non-productive members of the economy and assuring more red tape and oversight in an already saturated bureaucracy was nothing more than sweet-talk, where I hope Barbados does not dig itself deeper while hearing a good speech about it at the same time.

    But real red flags came up when Prime Minister Mottley announced herself as the substantive minister for finance and investments. Anyone who was in the policy mix of any of the former British colonies and wider Caribbean all rolled their eyes at the same time — just like me — and all said at the same time, “Here we go again!”.

    You would think that with the pronouncements of the Barbadian economy being in such dire circumstances, a more seasoned financier or economist would be put in place to get things back on track. Not dismissing Mottley’s skills, but she is not an economist; not a financier; she is barely a lawyer, having spent most of her career in politics than in the courtroom, so why is it that persons should look at her promotion of herself to the hot-button ministry, when she has exhibited no former proficiencies on the subject matter, be met with anything else other than what we all think it is? A disaster waiting to happen!

    With a wide-sweeping mandate, which we have seen before in Caribbean elections, we expect either a larger Chinese investment to take shape out of nowhere — it seems — in Barbados before the halfway mark of this current term. Or, we expect Henley and Partners to come up with a brand new and dynamic way to bring investments to Barbados through citizenship by investment initiatives — either these two, or both, are not far off.

    Again with all of the seats in the Barbadian parliament held by the BLP, accountability is of course going to be weak. No matter what the current administration says about increasing transparency and keeping their hands off the people, greed, avarice, haughtiness, hubris and mean-spirits creeps into the hearts of all men, and women, when the opportunity keeps itself present for too long. You don’t need years of experience in a dictatorship to appreciate that.

    Even when it comes to the earlier cry for members of the former government to come forward and confess their wrongdoings and corruption to her so she can clean up the mess, amplifying earlier calls from her to investigate corruption vigorously and seriously, it seems as if the United States courts have a better time of capturing and bringing to justice Barbadian politicians.

    If this were not bad enough, it is understood now that the current laws on corruption in public office are antiquated (laws and statues put in place from the 1920s) and that a new set of laws is being drafted to deal with corruption and transparency issues moving forward — no timelines for the implementation and execution of these new laws and rules are given, of course. Just that they are on the way. We believe you!

    So is Prime Minister Mottley a clown or con? I’d say it is a mix of both, for now. I continue to watch!”


  • Hopefully Mia and her ministers …no matter how they pretend otherwise…can see how this will end.

    “Even when it comes to the earlier cry for members of the former government to come forward and confess their wrongdoings and corruption to her so she can clean up the mess, amplifying earlier calls from her to investigate corruption vigorously and seriously, it seems as if the United States courts have a better time of capturing and bringing to justice Barbadian politicians.”


  • I will bet that David/BU knows of that article you posted WARU but he would nevet put it in a blog for discussion.

    Its only BLP propaganda about BERT and IMF deals and what Charles Jong – the BLP CAMPAIGN FACEBOOK MAN sends his way.


    I note that this commentator who wrote the article is from the Bahamas and his conclusion is – Mia Mottley is both a con artist and a clown.He he he


  • @T.Inniss

    The blogmaster is omnipresent, now you know.


  • Ok David/BU.

    If you were away and did not see the article I can live with that. However,now you know of its existence – put it up and lets have a balanced representation of what is out there.


  • @ David,

    Everything Youri A Kemp wrote in that article has been discussed on BU.

    Pieceuhderockyeahright, Millertheannunaki and Bush Tea have all said the same and issued warnings.


  • @TI
    I appreciate your primary focus, but returning to the topic NIS….I ask again
    “WHO had the power and influence to direct the actual purchase of investments by the NIS, when said purchases ran contrary to the Plan approved by NIS Board?”

    This is highly relevant. For if we have the same type of Board and Management composition as before, then the NIS remains open to the same style attack.


  • David you are such a corrupted liar after i trying four times to post the Yuri Kemp link you have the nerve to say bold faced that you were not aware of the link


  • Let’s hope the UNETHICAL DISHONEST ONES we know in the parliament AND IN THE PRIVATE SECTOR whose eyes are bigger than their stomach, don’t be dipping their THIEVING HAND in this money that generations of people from the majority population HAVE TO PAY BACK to the IMF…

    “By tomorrow US$49 million in International Monetary Funds (IMF) funds will be transferred to the Central Bank. Government economic advisor Dr Kevin Greenidge said access to this first tranche of an overall US$290 million, intended to boost the foreign reserves over four years, followed the IMF Executive Board’s approval of the Barbados Economic Recovery and Transformation plan (BERT) on Monday.”


  • pieceuhderockyeahright

    @ T Inniss

    In one breath you and Mariposa call the Honourale Blogmaster- The Herald of Chairman Mao Mottley

    And then in the second breath saw that he MUST COMPOSE & THEN POST ARTICLES WHICH ARE ANTI MOTTLEY!!

    That does not make sense to me

    Where is the beef?

    It’s normal to have people who are for you and those against (unless you are the Barbados Opposition in the House of Assembly)

    In combat, for you to be effective, you have to take out your enemy.

    If all I have on a battlefield with Howitzers is water balloon bombs my as.s is grass.

    The Honourable Blogmaster’s allegiance is the the Chairman TODAY because it’s the best horse in town AND THE STINT HAS ITS FUTURE BENEFITS.

    YOUR BULLETS have to be facts (says the merchant of emotive psychographics heheheheh)

    The Honourable Blogmaster will post things that bring “hits” that are persistent

    Let me focus on two bloggers here to make my point.


    they are controversial for different reasons but both are “hits” and attract persistent readership.

    Let me explain the why to you with the hope that you glean something from them both

    We does come to BU and complain bout this mess in Barbados every day I lie? I borrowed that from my learned Theologian and highly trained doctor Dr. GP

    He meks fun at our brimling and makes us vex with him for pointing out the very thing that we know!! You understand that? Yet, he adds to that where his true focus is, in The Risen Christ, and much like you get vex with the Honourable Blogmaster for not making a special blog about Mia’s shortcomings, we does get vex that this man who curses us for our obvious shortcomings COULD LOVE GOD SO MUCH TO ANNOUNCE HIS LOVE so much.

    Same thing with John the Quaker. An intelligent white man who, while he ammmmm has his predispositions to slavery of oftimes shows that he too latterly, is not so Quaker bound that he cant engage and do the right thing.

    What all my long talk means?

    Both of these BU polemicists and protagonists and antagonists, bring their own variety of “bullets” to the fray that force us to engage with them

    Since your sold focus is on Mottley’s failed politics THEN YOU HAVE TO BRING MEAT TO SHOW SHE FAILED, documents showing her theft and misappropriation ELSE LEAVE DODGE cause de Calhoun brothers are come back at sundown heheheheh


  • “The Barbadian, who works for the IMF but has been seconded to Government as an advisor, also said the IMF’s “stamp of approval” of BERT would positively influence other funding agencies and foreign investors in their provision of assistance to Barbados.”

    Mia needs to tell Cow and Bizzy Williams, Mark Maloney, Bjorn Bjerkham and all the other parasites that this money does not belong to any of them and do not get it in their heads that they can use the jackasses of parliament to steal any of it via SCAM CONTRACTS, TRICKS, LIES and BRIBERY… they have been doing for decades to the people …..

    Mia needs to tell the thieving lawyers around her to keep their DIRTY CORRUPT HANDS off the money belonging to the people….and keep their half assed opinions that they want to charge the people/taxpayers 15,000 dollars a pop for…to themselves.

    long as they know….don’t care how close the minority thieves and parasites and the thieving lawyers are…they will not get away with it, not this time.


  • Piece Uh De Rock Yeah Right

    @ the Honourable Blogmaster

    Your assistance please with an item here for T Inniss Thank you


  • NorthernObserver

    “they will not get away with it, not this time”
    on behalf of all the crooks and bribers, regardless of their skin tone…#watchmuh
    Hey ya see, a son-in-law of the fella whose boat get teef at Bath, is now a diwrekker at the CBB.


  • NO…wow, ok.

    The son is not doing too shabby in Miami either..


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