For the next days and perhaps weeks there will be palaver about how effective the policies of the Barbados Labour Paty (BLP) have been since taking up the office. The conversation is reminiscent to what follows the annual 11+ exam. It is a must do exercise for ‘stakeholders’- including the media- to purge themselves of any accusation of not delivering on the mandate.

Given the perilous state Barbados finds itself both on the economic and social fronts, it is a challenge to speak with certainty whether measures implemented so far by the one year old government are gaining traction.

If you separate the political noise- loud as it is- there is justifiable concern that although the Mottley government has been active by attempting to tackle the gargantuan debt situation by restructuring, moving with urgency to apply a temporary fix to the sewage issue on the south coast, rationalizing SOEs, drawing-down development loans to fix crumbling infrastructure, dusting off out dated Town Planing legislation, addressing thorny issues like local and regional Transportation (LIAT, Transport Board), breathing life back into brand Barbados by increasing visibility on the regional and international spaces. This is not meant to be exhaustive. A review of the BGIS portal archives can assist with listing government’s effort to date.

A concern of the blogmaster however is a lack of similar energy as it relates to communicating the state of the National Insurance Scheme (NIS),  operationalizing a transparency framework to include Integrity (anti-corruption) in public life, FOIA, political campaign financing, a relevant Public Accounts Committee, Auditor General’s office and related projects.

This concern about the NIS was heightened with a recent public  assurance delivered by Chairman Ian Gooding-Edghill that the NIS is financially healthy. What does his statement mean if we compare to a 2017 IMF report – NIS Reserves Projected by IMF to be Exhausted in 2037 – UPP Candidate Craig Harewood Muted by VoB?

Government needs to do more to encourage people to become investors and create ä Barbados that works for Barbadians – President, Barbados Economic Society

In a related matter is is encouraging to listen to Opposition spokeswoman on economic affairs Senator Cristal Drakes not intimidated to discuss the pros and cons of devaluing the Barbados dollar. Her position was supported – not directly – by President of the Barbados Economic Society (BEC) Simon Naitram. He is on public record promising to dispassionately debate the issue on the BEC website in the coming weeks.

Sorry to disappoint a few members of the BU family who will want to look at the numbers from all angles. Not to forget about the social fabric of the society also busting at the seam. Has the time come for us to focus more on the Vision/Strategy positions of our governments? If we hold our leaders accountable for the Vision the supporting tactics may be better understood. What is the REAL Vision/Strategy of the government for Barbados?

The blogmaster is unable to grade the government A, B, C or D at this stage. To use a race horse analogy – the horse has ‘lathered’ nicely in the paddock before the race, outcome unknown.

 

 

269 responses to “Barbados Labour Party One Year Later”

  1. Fractured BLP Avatar

    One year later and David BU has regretted encouraging , through this site , so many Bajans to become trapped in BERT !

    Bajans

    Experiencing

    Ravishing

    Times


  2. @Fractured BLP

    The upside, there is hope for the DLP next time, maybe.

  3. William Skinner Avatar
    William Skinner

    BLP out of possible 10 : 4.5
    Major shortcomings Failure to reduce prices after removing NSRL
    Increased taxation
    Major scores: PM’s energy and good communications

    DLP: Out of possible 10: 2
    Major shortcomings : Failure to rapidly reorganize party after defeat
    Major score: Appointment/ Election
    of new leader

    Opposition: No grading : Not a genuine opposition at this time


  4. We need to rebuild the DLP with a new vision in order to take our country back …


  5. David why you had to bring up the NIS fund for that is one of my major peves.

    The questions I have are these.

    How can any minister say that the fund is in good shape just looking at the fund balance and saying ” things good the cheque book got in money.” We are behind on audited financials by years not months so how can anyone claim the fund is in good shape?

    Secondly what adjustments on book has the fund made for the debt restructuring exercise?

    Thirdly how will the drop from 7 percent interest to 1 percent interest in the restructuring, effect the liquidity in the fund going forward, seeing that they are roughly 200 million dollars a year short on return, based on the 2 billion Sinkler forced them to buy in
    government paper at 7 percent?

    Fourthly based on the loss of the above, an aging population and an economy in the doldrums, what is the plan for us the citizens? Will retirement age be pushed to 70? Will NIS contributions end up having to be pushed to 30% of wages, shared between employer and employee for the fund to sustain itself?

    You see all the printed paper they holding equates to nothing more than glorified IOU’S from government. They are not cash amounts and in the end the NIS needs cash to pay its pensioners not pieces of paper. So where is the cash going to come from when government has none hence can’t repay an IOU IF called upon by the NIS to do so?

    So in closing this is a summary. We have a NIS that on book looks real good based on the value of its IOU’S. These “certificates” however can not be called in or sold on any secondary market for cash, but the fund needs cash to run. After all old Miss Smith in St Joseph can’t take an IOU to the supermarket. So with a cashless government it will fall on us to refuel the fund, which means a protracted retirement age and a higher percentage of salary as we work towards retirement.

    I just hope in my case it aint 75 and I get my first pension cheque on a Monday and then my funeral grant on the Wednesday!

    These are The things the NIS needs to come to the table and discuss with us. Don’t sit there and tell us ” wunna don’t worry the fund good.” I don’t know if you remember a Prime Minister told us once Clico was sound put wunna money there and looked how that ended.


  6. David
    The problem here on BU, the call in programmes and local newspapers’ Facebook pages is that the loudest are clueless/misinformed/uninformed!! Analogs in a digital age. Some are grading the government but regularly display their ignorance if what is being done. Case in point:

    “BLP out of possible 10: 4.5
    Major shortcomings Failure to reduce prices after removing NSRL
    Increased taxation
    Major scores: PM’s energy and good communications”


  7. Enuff

    Please help us by explaining what is so wrong, or ignorant, or misinformed, or clueless, or uninformed with that assessment by somebody who has more than an ordinary citizen’s experience with the political culture.


  8. Pachamama
    It’s self-explanatory.


  9. Enuff

    We fail to see, as self-explanatory, your response to this single, but important, point of view of a long-time observer of Barbadian politics.

    Someone who has a long track record of criticality of both major parties.

    Are you then saying that his judgement about the BLP is wrong, or not as positive as you perceive?

    Will you generally agree with his rating of the DLP?

    Given who this person is, has been, should there not be a higher level of seriousness attached to his judgements?

    Would it not be in your party’s interests to listen to critical voices, early on, less we continue down a similar road as the last regime?

    Are are you insistent that you will help those of us who argue that the BLP and the DLP are one party, a duopoly, are and were always right?


  10. One year later nothing has changed
    The streets still have pot holes
    Garbage is uncollected in timely manner
    The south coast sewer system belching toxic waste in the ocean
    The transportation system is out of whacked
    Food prices escalate
    Unemployment at a higher level
    Gas prices well above and beyond the working man
    pocket
    Water bills has reached astronomical prices
    Murder rate has reached unprecedented levels
    The govt has yet to create a growth plan
    Makes me wonder how much pain and suffering is in store as govt makes good on the austerity policies of the IMF


  11. @John A

    The NIS is a worry. By the PM’s admission the NIS is a problem which explains why it has been left on the back burner simmering until the government negotiates the stabilization phase. It will not be a surprise if pension eligibility is shifted to 70+ in the next 24 months. Why Ian Gooding-Edghill wants to send a false message i.e. the NIS has cash to service day to benefits in the short term compared to the long term health of the fund. Barbados has an ageing population do not forget. On another note, Justin Robinson should be held to account. He was not able to deliver the financials he promised.


  12. May 25, 2019 10:14 AM

    @Fractured BLP

    The upside, there is hope for the DLP next time, maybe.@

    What a fool, still playing the crook games with crooks, All has to go 30 down 30 to Go! Setting up the People for foolishness

  13. William Skinner Avatar
    William Skinner

    “David
    The problem here on BU, the call in programmes and local newspapers’ Facebook pages is that the loudest are clueless/misinformed/uninformed!! Analogs in a digital age. Some are grading the government but regularly display their ignorance if what is being done…….”

    Agreed !!!


  14. David yes you are bang on. Reading between the lines it seems Mr Robinson was unable to get his hands on all the supporting documents to support a true picture. My concern is even if the financials are brought up to date In the asset ledger what provisions if any, will be made for these 2 billion dollars in non performing bonds. I say none performing in that if let’s say inflation in the short term runs around 3 percent, with 2 billion dollars paying 1 percent the NIS in real terms is in fact getting poorer by the month. Plus what is to stop government rolling over these bonds again close to maturity. So my question is base on market value and cash surrender how will the NIS Board value these bonds? If we had a secondary bond market no one will buy bonds yielding less than inflation with an uncertain cash surrender date, from a government with no investment grade status and a record of default, unless they were being discounted heavily. I want the NIS to come out and tell us how they are going to grade their assets with these bonds and the issues I mentioned above.

    You know Warren Buffet’s point is a share is only worth what someone is willing to pay for it. I don’t think people understand the effect those bonds could have on the NIS boards viability in the medium to long term. That my friend is why no politician wants to come and talk about it from either side of the fence.


  15. The NIS is a worry. By the PM’s admission the NIS is a problem which explains why it has been left on the back burner simmering until the government negotiates the stabilization phase. It will not be a surprise if pension eligibility is shifted to 70+ in the next 24 months(Quote)

    The NIS is not a problem, it is the victim of managerial incompetence, interference by ignorant politicians and state robbery. Ring-fence it, and start a new long-term savings system.
    A state pension age of 70 and a school-leaving age of 16 means working 54 years before getting a state pension. imagine a building labourer working for that long? The idea is silly. We need reform. Our leaders cannot think, they prefer the easy way out, borrowing.

  16. William Skinner Avatar
    William Skinner

    Throughout the campaign we heard about the raid on NIS funds. Then we heard that the NIS is in a “ very strong” financial position.
    We need clarity.

  17. Barbados 2019 Avatar

    @ Mariposa

    One year later nothing has changed
    The streets still have pot holes
    Garbage is uncollected in timely manner
    The south coast sewer system belching toxic waste in the ocean
    The transportation system is out of whacked
    Food prices escalate
    Unemployment at a higher level
    Gas prices well above and beyond the working man
    pocket
    Water bills has reached astronomical prices
    Murder rate has reached unprecedented levels
    Xxxxxxxxxxxxxxxxxx

    You have accurately listed the reasons why both BLP and DLP should be wiped off the BARBADOS Landscape.

    The only sure things in Barbados Party Politics are corruption and kickbacks.

    I wish the dumb locals well who can’t see the apples from the oranges WHILST living in sufferation, false hope and empty promises.


  18. Yes on paper one could argue their balance sheet seems good. The problem is a large percent of your assets can not be valued in real terms at purchase price, as that would be madness and I would bet that is exactly how they are booked. Its like me buying a house for $500000 and when I get it valued its worth $200000. If I try to value my assets with a bank they will take the $250000 valuation and tell me I was a clown to pay twice what it’s worth.

    I would love to see an independent firm come in and place a true value on the asset base of the NIS. Then what about the buildings they built in the last 10 years, what net percentage on asset are they receiving in rent, or is that below inflation as well? What value do you have for these buildings and how does that compare to market value? After all we did hear about the odd over run here and there. Not by much though only around 40 percent or so!

  19. Barbados 2019 Avatar

    WHATEVER HAPPENED TO THE PROMISED INTEGRITY LEGISLATION ETC. AS BEING A PRIORITY BY THE BLP IN ITS MANIFESTO?

    A PROMISE IS A COMFORT FOR A FOOL.

    HOWEVER HEAVY BORROWING HAS TAKEN PLACE, NO BID CONTRACTS LEADING TO KICKBACKS/BRIBETAKING..

    POLITICIANS BECOMING OVERWEIGHT WHILST THEIR AND CLOSE ASSOCIATES BANK ACCOUNTS HAVE SWOLLEN.

    ANOTHER SIGN OF THE BLP 1ST YEAR.

    A CONTINUATION OF THE DLP’S 10 YEARS OF DISENFRANCHISEMENT TO THE TAXPAYERS OF BARBADOS.


  20. The NIS is technically insolvent. Period. The majority of the funds assets is govt debt. With much of the assets held in the fund now all but worthless and income under pressure because of govt bond restructuring and high unemployment, the future is extremely grim for anyone depending on the NIS say, in 20+ years.


  21. @ John,

    Pensions accounting is not just about balance sheet, it is also about future liabilities. The NIS is insolvent, fractured and badly managed. Just look at its investments alone: what does Oppenheimer do to justify their fees? What are the fees?
    Look at the asset allocation and stock picking and ask why is it under-performing? Then look at the hybrid nature of the scheme, which is dysfunctional. The global equities markets have been growing spectacularly since 2008.
    We want a separate, means-tested scheme functioning as a social safety net and a contributory defined contribution state pension, managed as a pension and not a government petty cash piggy bank. Most of all, we MUST keep politicians out of the running of the schemes. We need reform, reform, reform. There is no other way.


  22. Hal yes I agree on What you are saying but before we can go anywhere we must first arrive at a realistic valuation of the fund and it’s asset base agreed?

    We have to start somewhere and that is the first thing we have to do. Once we then correct the value of the fund, we can go from there both in terms of what it will take to sustain going forward and what will be expected of us the bajans.

    Maybe it’s time the fund and government make it legal where we can establish our own 401K plans where the same amount we pay NIS in terms of the employer/employee can be paid into private pension companies. The state would just need to change the law to make the employer legally obligated to write the cheque to the private company for their portion of the contribution.

    Of course that will not happen because every good PONZI scheme needs new money coming In to pay old claims, especially where it’s assets are questionable.


  23. @John A

    How do you respond to the views of former Senator Darcy Boyce that a NIS fund is as strong as the economy which has to fund it. Therefore talk about ring fencing/ segregating is nonsense.


  24. @ John

    The fund is insolvent. There is no value. The loans we have out we cannot even call in because we have made bad deals. How can NIS lend money to property developers without doing a debt for equity arrangement? That is amateur, unless it is deliberate.
    We do not need a 401k, with all its flaws. We need to design a long-term savings plan fit for Barbados. in doing so we must look at Chile, 401Ks, the Kiwisavers, stakeholders, the Australian superannuation, Singapore and others, and take the best of them.
    We can start by ring-fencing the present scheme, sell off the current obligations as bulk annuities and start afresh for younger workers, with compulsory savings with access at key points. There are numerous models we can learn from. It calls for fresh thinking, not rocket science.


  25. How do you respond to the views of former Senator Darcy Boyce that a NIS fund is as strong as the economy which has to fund it. Therefore talk about ring fencing/ segregating is nonsense.(Quote)

    When people are trying to have a serious conversation about a serious subject, this brain-dead buffoon interrupts with semi-literate nonsense. Then his fan base comes out and says people are unnecessarily rude to the chairman.
    BU is either a platform for his buffoonery, or one for Barbadians to have a regular and proper discourse. Who the hell is Darcy Boyce? Grow up.


  26. David I don’t think you would print what I feel about Darcy Boyce’s financial thinking so I will say I put him second only to Sinkler in financial acumen.

    To be honest I don’t think Boyce or any of them really were too worried about the solvency of the fund. Once it was there to acquire their useless paper that was all that mattered. The proverbial can would then be kicked down the road for someone else to deal with. The lunacy of their statement fails to take into account so many things. First a percentage of the NIS assets are invested overseas. As Hal said the markets there have been strong since let’s be generous and say 2010. So based on that Boyces statement is nonesence. Also the NIS cash flow from working people has been predictable and relatively stable month to month, so again nonesence statement. So what’s left are these questions to Darcy.

    Were your rents up to date with all properties tenanted from the NIS when you all were vote out? NO

    Were the building you constructed built at competitive rates at the time, or were properties built at signifact overruns as was the Grotto? YES

    DARCY what rents were you paying for building like the Baibo towers, were they anywhere near commercial rates? NO

    finally Darcy did you when paying these rents every issue IOUS to the NIS or were they always paid In money that could then be used to pay pensioners?

    David judge for yourself Boyce’s comment and tell me who screwed the NIS.


  27. @John A

    You are aware Senator Boyce is a Barbados scholar with several accreditations littered after his name?

    The bigger point is that we can be as technical as we want about how the fund should be managed it is the politician that has the ultimate say in policy shaping. Regarding the NIS fund, while we have to fix it some how there is the problem of the fund is with with us, today.


  28. Hal for that to work In terms of selling of the debt again we back to valuations and MAJOR discounting of the value of these assets, especially the bonds! My question to you is which government got the backbone to do that?

    Also when I speak of 401s I don’t necessary mean the one in the USA, but maybe a hybrid one made up of a structure that would suit us here.


  29. David book smart ain t street smart!


  30. David forget about initials behind anybody name how do you respond to the points I listed in my post of 3.21pm? They are undisputed facts that can not be changed regardless of if a man got the whole alphabet behind his name.

    What are your views on the points I outlined?


  31. David besides how could you assume my comment was negative and I don’t consider Sinkler a great financial mind whose logic and magnitude of thought was just not somewhat ahead of its time?

    Shame on you thinking I meant it negatively! lol

  32. Barbados 2019 Avatar

    @ Hants
    Promises v results.

    https://www.blp.org.bb/wp-content/uploads/2018/05/BLP2018-Maxi-Manifesto.pdf
    Xxxxxxxxxxxxxxxxxxx

    Thanks for posting.

    Within the 1st SIX (6) MONTHS the BLP promised in its Manifesto THE FOLLOWING:

    Under item 1. Allow Barbadians to hold foreign currency they have earned in foreign currency accounts in Barbados. Score 0/10

    Under item 5. Raise minimum Wage from $6.25 to $8 per hr and extend to all Categories of workers across the economy. Score 0/10

    Under item 15. STAMPING OUT CORRUPTION
    Introduce Comprehensive Integrity Legislation IMMEDIATELY upon forming the Government to fight and punish corruption and hold Ministers and Board Chairpersons accountable for their actions. Score 0/10

    Require politicians and key public officials to disclose assets. Score 0/10

    THIS TELLS ALL WHAT THESE BLP AND DLP POLITICAL PARTIES ARE ALL ABOUT.

    THEY DON’T GIVE A SHIT ABOUT THE MASSES JUST KEEP PULLING THE WOOL OVER THEIR EYES.

    INSTEAD OF GIVEN THE PUBLIC A RAISE IN MINIMUM WAGE TO BENEFIT THE VOTERS AND TAX PAYERS NOW A YEAR IN POWER THE 1ST THING THEY DID UPON BEING ELECTED WAS TO GIVE THEMSELVES A 5% WAGE INCREASE. EACH POLITICIAN EARNING IN EXCESS OF $10 THOUSAND MONTHLY PLUS ALLOWANCES.

    HOWEVER MIA AND HER BUNCH OF LEECHES CARES ABOUT THE PUBLIC OF BARBADOS.


  33. @ John,

    You realise what we are up against. An exam set for 18and 19 yr olds and this idiot is talking about pensions policy based on someone passing an irrelevant exam. . But Quaker John and Georgie Porgie were also Barbados Scholars.
    It is learning by rote and the deification of paper qualifications. Very Bajan. Ideas go to the back of the class. The poverty of ideas is worse than material poverty. The chairman must say something, even if he does not understand what he is saying.

    @ John, if we are selling our pensions as bulk annuities, the simple valuation will be based on future liabilities and future contributions of those within the ring-fence. By definition this obligation will diminish every year. Otherwise growth will come from investment. In any case, that will not be the government’s responsibility.
    By the way, there is only one 401K. What you mean is a long-term savings plan, which I agree with. Call it what you like.
    I am afraid, I am out of the discussion. The chairman’s contribution is juvenile and irritating…


  34. Hal always good chatting with you friend take care we will chat soon again. But you are right we going have to Make some frightening decisions with this fund and I hope Mia does it as the more it’s postponed the worst the value of the fund will be affected.


  35. @ JOHN A

    Many thanks. I enjoy our many conversations, in BU and outside. I appreciate your knowledge and enthusiasm. Hope you are in good health.


  36. Investment mix:

    Debentures – 50.99%

    Equity Investment – 6.6%

    Treasury Notes – 15.68%

    Loans – 4.19%

    Treasury Bills – 2.15%

    Fixed Deposits 1.52%

    Bonds 4.36%

    Foreign Investments – 7.92

    Real Estate – 6.58%

    http://www.nis.gov.bb/investments/2017-2/


  37. @ John A May 25, 2019 10:56 AM
    A very insightful set of questions you have posed. I am sorry to hear that you may come of age when all of the NIS funds are exhausted. There may be a revolution then ( I am hoping so but I won’t be around), resulting a revamping of the economic landscape and the jailing of miscreant politicians, police and members of the judiciary.


  38. Continuing the focus on the policymakers, how they think!

    Minister Sinckler shouted on the floor of parliament a few years ago that the NIS fund is in good health because he received management reporting on a monthly basis and was satisfied that although unaudited the public should not worry.

  39. Piece the Legend Avatar
    Piece the Legend

    De ole man always telling wunna “to go school and learn well”

    Look what lack thereof has done to de ole man?

    Mek I stupid.

    But not so stupid to realise that the Honourable Blogmaster, who is not bright like dem daddy, write a shite article, leaving out critical points about the Judiciary, The police Force which is doing nothing, overspending by the GoB notwithstanding the austerity cries, changes to the constitution which, ine year later, have yielded nothing, glaring examples of theft, cases of drug importation and transformation into other drug types…and things like that.

    Wunna does get pigeonholed real quick by this partially literate Honourable Blogmaster who is not like his father.

    If wunna doubts me chech how they reason and effect rebuttals

    Really poorly.

    Watch the responses yourselves and see if de ole man is telling a lie.


  40. Pachamama
    “somebody who has more than an ordinary citizen’s experience with the political culture.”

    This is exactly what I meant. His experience with the “political culture” was as a deposit loser over 25 years ago–a fossil! When last has he lived in Barbados or even visited? From the gentleman’s comment, it appears that he’s not even familiar with the NSRL. Whoever wants to grade the government is entitled to do so, just like I am entitled to show them up.


  41. I have just perused the postings of Hal Austin and John A. Their contributions make a lot of sense. I feel very sorry for young Barbadians. Persons of my generation have failed this country miserably no two ways about it. The endemic corruption, nepotism and sycophancy that pervades this society doesn’t bode well for the economic and social well being of Barbados. As regard the rating of the BLP all I can say is that, all the debt restructuring in the world without an active drive to enhance foreign exchange earnings (apart from tourism) is an exercise in futility. As Hal Austin states “Barbados is a failed state”.


  42. With respect Barbados is not a failed state. A good cliche maybe. Pick any basket of KPIs to measure across countries, Barbados will be there or there abouts. Yes we have challenges as do other countries. These problems will manifest in different forms.

  43. Barbados 2019 Avatar

    @ David

    I agree %100 Barbados is not a failed State as it is way too small and surronded by water.

    Barbados is a failed Island from top down riled with corruption and deception.


  44. @ David
    Noted about the failed state .


  45. It is misguided to blame either the last regime or this current one for the slipping financial integrity of the NIS.

    For the Barbados NIS is not alone. Many such schemes are facing similar difficulties in the region and beyond. We had estimated many years ago that this would happen. In fact, we argued then that the NIS will fail within the medium to long term.

    So causation lies somewhere else, other than the politicians or the officials running the scheme.

    We suggest that the ill-health of the NIS can be centrally attributed to a wider determination to transfer public assets into private hands, the financialization of economy.

    So fundamental changes to the international financial system continue to pressurize governments into taking actions today which could have been avoided in the past.

    In the case of the Barbados NIS, we’ve seen increasing lending to government and engagement in certain types of development funding with risk characteristics that such a fund was not designed to absorb.

    Of course, there could be other factors relating to demographics etc, but we suggest those do not constitute root causation.


  46. David

    Uh lost a comment!


  47. @Pacha

    Try back arrow on the browser, nothing at this end unless you mean the comment just posted at 6:20PM EST.

  48. William Skinner Avatar
    William Skinner

    There are citizens on this blog who stay away from cool aid regardless of their place of domicile.
    We remain committed to intelligent
    discussion and a true love for Barbados and Barbadians.
    The economic problems in our country are in most part the actions and non-action of the collective Democratic and Barbados Labour parties.
    Today I followed an interesting discourse between Hal Austin and John A.
    Pacha and I have a very mutual respect for each other. We often clash on philosophical issues mainly in reference to the Caribbean. He is erudite whether he criticizes me or not.
    It is a known fact that during the entire campaign , the retention of the NSRL, was blamed for the rising prices. It was told that the removal of the NSRL would automatically result in a decrease in prices. The NSRL was removed and prices continue to rise.
    Dr. Clyde Mascoll was on the platform saying that the country is over taxed and growth was being handicapped. There has been increased taxation and no growth.
    These are the facts regardless of where we live.

  49. Barbados 2019 Avatar

    More spin that doesn’t align fully with the FACTS.

    https://barbadostoday.bb/2019/05/25/pm-mottley-reflects-on-her-first-year-in-office/

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