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Contained in the delayed 2024 Auditor General report on page 56/103 (3.37) the retired AG Leigh Trotman felt compelled to remind ignorant Barbadians that the National Insurance Fund continues to be in breach of its fiduciary duty, betraying public trust and engage in ‘wufless’ financial mismanagement.

The National Insurance Fund has been established to allow for eligible 
Barbadians to benefit from programmes designed to provide monetary 
benefits to seniors and others who meet the qualifying criteria. The audit 
of the accounts of the National Insurance Fund are some nine (9) years 
in arrears (2015 to 2023). The Department had requested sometime to 
bring the financial statements up to date so that they could be audited 
and have recently submitted draft statements up to 2023 and the Office 
has resume auditing these accounts.

2024 Auditor General Report

Unfortunately with Walter Blackman having shuffled off this mortal coil there is no prominent, knowledgeable person in society it seems with the cojones to continue the lead the fight to hold the government accountable. In 2018 the blogmaster had an exchange with Dr. Justin Robinson who expressed his frustration at the slow process, although he was hopeful the NIS financial controller at the time would have been able to move the matter forward. We are in 2025 and no cigar.

At a time when the traditional media and usual social media ‘influencers’ have taken the lead of the masters to choke the media space with St. James North by election chatter, one thing is sure – the important issues will not go away. Even Vybz Kartel in one of his songs ‘Life Sweet’ reminds us about the importance of choosing the right path to enjoy sustain success.

The same fianncial indiscipline that is endemic at the National Insurance Board (what is in a name) is reflected in wider society. Have we been able to arrest the Zr culture after 50 years of trying? Daily we witness PSVs blocking traffic as the drivers, oblivious to the chaos caused by them. We witness ordinary citizens playing g Russian roulette with lifes by driving through amber and red stop lights, flitting along the carriage ways (not highways). In fact owners of Suzuki, Swift cars have developed a reputation to rival Zr drivers.

Why is the blogmaster unimpressed with the upcoming by election chatter and the political games that will play out between now and May 21, 2025? It is because nothing will change. It is the same brown stuff by another colour. Too many of our people have become cynical and apathetic at ‘life’. We are unable to appreciate that if we become too cynical and apathetic in a system that is defined by WE the people holding elected officials accountable, ‘BAD’ things will happen. The blogmaster will remind of a few:

  • Corruptions grows
  • Bad governance is normalised
  • A fragile democracy weakens
  • There is social decay
  • Economic decline sets in
  • The wrong people are elevated to leadership

To borrow from elsewhere: when citizens stop caring, the system stops serving who it was designed to serve.

The End.

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29 responses to “40 years and a mule, NIS 9 years in arrears”


  1. Well the NIS is just like us. I paid in to the NIS for 33 1/3 years and ZERO sick leave. On my first day out to work my old man told me “don’t ever tell lies on your body, if you are not sick, get up and go to work.” I obeyed. Way too many of us Bajans feel that we are owed “sick leave” that we are entitled to take 2 to 4 weeks of sick leave each and every year for 40 years, even when we don’t even have a common cold, and too many of our doctors enable this.

    Not only are too many Bajans “too t’ief, we are also “too liard”

    THE END.

  2. NorthernObserver Avatar
    NorthernObserver

    What this also means, is the Aud Gen office has seen reports between 2008 and 2015, which have not been shared with the NIS stakeholders.
    It is one thing not to produce the required reports, it is another to intentionally withhold them.
    And @David you are correct. Who cares?


  3. As bad as the ACTUAL Auditor General’s reporting has been, wunna can REST ASSURED that the ACTUAL situation is MUCH MUCH WORSE.

    Wuh cud dear, if the big-ups can have such fun with CAHILL, Four Seasons, hopeless housing, Steal houses, radical vaccines and consultants, why would a junior clerk in a ministry not have a little fun too..? far less a big-up public servant – who CANNOT HELP but to KNOW what is going on….

    In many cases, persons are either MUCH TOO connected, …too securely LODGED, …too faithful in a partsan way, …or THEMSELVES have too much info on how bad things are, to be allowed (or forced) to be publicly scrutinized.

    The general ‘solution’ therefore is to promote them into a cushy new position – so that all of the guilty parties are happy – and only the clueless BBs get to suffer any consequences – mainly via ridiculously high taxes and nonfunctional systems.

    It will take a TOP DOWN revolutionary transformation – spiritually driven, to restore ANY hope of a truly successful human society in Brassbados, …and in this world.

    …soon come!


  4. We need a Mikhail Gorbachev play. Mia Mottley is clearly not that person.


  5. “It will take a TOP DOWN revolutionary transformation – spiritually driven, to restore ANY hope of a truly successful human society in Brassbados, …and in this world.”

    According to the script / scripture
    this world must be ending again /rapture
    as mentioned daily as per prophecy
    that are bits of the bible book not based on real actual events
    unless witnessed by time travelers such as Yeshua / Joshua passing through

    I Am A Bushman

    Bushman, The Eyes Are the Light, Propaganda


  6. Not only are they not presenting audited financials, but with the little ‘tweaks” here and there over the years, a pensioner going on pension now at 67 actually receives less per dollar paid in than one 25 years ago at 65. Yep so they have extracted more from you in payments but have paid out less to you as a percentage of what you paid in, based on the tweaks like moving you to 67 increasing deductables etc.

    One can not help but ask if this continues why would people put money in the NISSS as opposed to private pension plans? In other words in simply Bajan terms ” wunna got to instill confidence in de plan again.”


  7. @John A

    The 18th Actuarial Assessment is due when? Is it this year? It usually takes two years before it is laid in parliament.


  8. There is still some good in Barbados.


  9. Competence is not rated highly by this administration, rather it’s who knows who that matter. Outside of the passage of laws and one can be assured they’ll come back to bite the small man, very few ventures move to successful fruition and there’s minimal organizational improvements.

    NIS and SRLF were in the same boat re outstanding financials with PM Arthur and Minister of Finance Sinckler voicing concerns about the legal breaches. By 2016, SRLF was up-to-date producing 18 years of audited financial statements. The NIS has made minimal progress to datenand no heads have fallen.

    Thankfully we know how to party hard.


  10. @ David

    Not sure exactly when but soon for sure. The thing is how can anyone do an accurate report on the fund wirh so much audited data missing? I mean you can look at the cashflow and say “ok based on these inhouse figures it SHOULD meet 80% of the payables going forward,,” but is that actaully a report on the fund? Are the valuations of their realestate holdings accurate based on current market value? When last has the NISSS board sought independant valuations on these properties?What about their receivables, is what they have booked practical in real terms, or should a larger allocation be made for non collecatable receivables? Are their general asstes valued correctly and have the annual depreciations that would of been done in an audited report been applied to these assets?To be honest for me up to date audited financilas are more important than an actuarial report at this stage. I mean is the entire claimed asset base of the NISSS even close to market value? The state paper for example what is that really worth? There is no secondary market to sell bonds on here, so what happens if the state decides to ADJUST the terms on the paper repayment again that they hold? Has any provision been made on this paper to book it at a discounted price say?

    I think any report from an actuary will be more of a guestimate than anything else, as once again there is too much current audited financial information missing. Dont tell me bout no inhouse figures either, cause no board in the private sector could take them to an AGM and present them to their shareholders! At least not do it without getting fired in the AGM by the shareholders. LOL


  11. The 17th actuarial reports warns of the uncertainty.

    https://www.nis.gov.bb/legislation/nis-17th-actuarial-review/


  12. Most likely the early years reports though qualified would form the basis for more recent reports. To my mind they need at least 3 years of F/S that are supported by independent asset valuations. Understand the delay because it will be a giant tasks and will put tremendous strain on personnel and operations. Not known for operational efficiency, at the moment it is beyond the Fund’s capacity.

  13. NorthernObserver Avatar
    NorthernObserver

    The employers in Barbados are complicit, and equally guilty. It is one thing to miss Reports for a few years, but from 2014 onwards, once a pattern of abusing the NIS stakeholders was obvious, for persons to continue contributing to the NIS, is just stupidity.
    Apart from declining payouts, which will continue declining as the population ages, no person today who is 42, can reasonably expect to be paid a pension.
    They keep begging the self employed to get involved. But they are smart to avoid the NIS and seek to invest their monies elsewhere.
    If employers have any moral conscience, they will redirect contributions destined for the NIS elsewhere, for all employees 40 and under.
    This is not about law, or “the law”, for those entrusted at the NIS have broken that same law for umpteen years. With no penalty.

  14. Terence Blackett Avatar
    Terence Blackett

    ON A LIL ISLAND CALLED BARBADOS – WHO “REALLY” PULLS THE LEVERS OF POWER? WHO ARE THE INFLUENTIAL BEHIND THE SCENE ACTORS? IS POWER REALLY IN THE HANDS OF A SELECTED GOV*?

    Why has governing a small island become such a chore? Who “PROFITS” from people’s “IGNORANCE”? Why is the “SHAM” of progress so deleterious to the public good?

    I could posit a 1000 questions with all kinds of answers forthcoming but a simple Biblical analogy hits to the heart of the matter…

    A GOOD TREE BRINGS FORTH GOOD FRUIT

    Surely, that is not “COMPLEX” in its ethos – or is it “TOO SIMPLISTIC” to encapsulate the vagaries of postmodern “POLYTRICKS” & the constant, challenging, churning sea of capitalist democracy (“SO-CALLED”)???

    Almost 60 years of “INDEPENDENCE” – but independent from “WHAT”???

    Has that “LIL ISLAND” thrown of the fetters of “MYSTICAL COLONIAL MASTERY” or is the “INTRIGUE” still choking the life force out of the people it once sequestered to a life of indeterminable “DAMNABLE” servitude???

    Are not your “GATEKEEPERS” – “ROBBER-BARONS”???

    Are you not still being fed the “OFFAL”, “PIG-TAILS” & “GUTS” of that “ANCIENT SOW”???

    Just because you have the so-called “FREEDOM” to go to “POPULAR”, “MASSEY” or whatever haven of exploitation set up to fed your insatiable quest for more “TOXIC MANUFACTURED POISONS” – does not mean that the shackles have been broken!!!

    Why is every family with a plot of land not creating their own “ORGANIC FOOD SUPPLY” & if according to research, a “HALF ACRE” can produce an income of $4000/wk, (PLUS FEED AN ENTIRE FAMILY OF 6), then why are so many standing by the “PIG TROUGH” with a calabash bowl begging “MASSA” for a morsel of stale porridge???

    DO NOT FORGIVE MY OVER-DRAMATIZATION – for in essence, this is what is coming down the railroad tracks – when the (DIS) #UnitedStates of #Amnesia & #Paranoia begin to see “EMPTY SHELVES”, “MASS RIOTING” & “SUPPLY CHAIN COLLAPSES” – then the “HANDWRITING ON THE WALL” would have come to pass!!!

    #StayTuned


  15. FORTY ACRES & A MULE HAS MORPHED INTO 60 YEARS & THE GUN

    As the historical narrative crosses “SWORDS” – where the cross between a horse & a “JACKASS” incessantly reverberates, while the age-old clamour of “MUSKET FIRE” in the night season fills the air with the clanging sound of fallen men!!!

    The phrase “40 acres & a mule” “concoction” is only too familiar as it relates to the Antebellum Reconstruction Period after the American Civil War – where “HISTORY” was “SPUN LIKE THE COTTON YARN” our cousins & “FAMILIAL ANCESTORS” picked in the boiling noonday sun!!!

    The American Civil War was not solely about freeing Black slaves; it was also about a series of eCONomic, poLIEtical, and TERRORitorial issues…

    The Southern states wanted to assert their authority over the Federal GOV*, especially regarding laws that interfered with the South’s right to keep slaves & to take them wherever they wished!!!

    SOUND FAMILAR

    Additionally, the South wished to expand slavery into the western territories, while the North was committed to keeping these territories open to #AlbinoCentric labor alone…

    The (SE)lection of Abraham Lincoln, who was strongly opposed to the expansion of slavery, further intensifying these tensions!!!

    So while the war was influenced by the eCONomic reliance on slavery. – slaves provided labor for agriculture & industry, constructed fortifications, repaired railroads, & freed up the “ALBINO- CENTRICS” to serve as soldiers & fight one another – thus, the Confederacy’s early military successes depended significantly on this managed labor force…

    The Emancipation Proclamation, issued by Prez Abraham Lincoln on January 1, 1863, fundamentally transformed the character of the war. It declared that all slaves within the rebellious states were free, but it did not end slavery in the nation…

    The proclamation also enabled freed slaves to join the Union Army & Navy, which strengthened the Union both militarily & poLIEtically!!!

    The phrase “40 acres & a mule” originated from Special Field Order No. 15, issued by Union General William Tecumseh Sherman on January 16, 1865, during the Civil War. This order allocated 400,000 acres of land along the Atlantic coast of South Carolina, Georgia, & Florida to be divided into 40-acre plots for freed slaves…

    While the order did not explicitly mention mules, some freed slaves received them from the army, leading to the colloquial phrase “40 acres & a mule”…

    But like all “PROMISES” which are “COMFORTS FOR FOOLS” – the #BrokenPromise came when Prez Abe Lincoln was assassinated, & his successor, Andrew Johnson, reversed the order, returning the land to its original “CAUCASOID” owners. The promise remained unfulfilled, becoming a symbol of systemic racial injustice & the failure of Reconstruction!!!

    40 acres & a mule has become a symbol of the broken promise of “REPARATIONS” for Black African Americans & the ongoing struggle for economic justice, parity & equality!!!

    HOW THAT PLAYS OUT WITH THE DESCENDENTS OF BLACK CARIBBEAN SLAVES IS A STRETCH BEYOND MY CEREBRAL CAPACITY – NEEDLESS TO SAY, THE BATTLE WITH CORRUPT & ANAEMIC LEADERSHIP STILL UNDERGIRDS THE POLIETICAL PROCESS


  16. Yes, Barbados remains a mystery. Bajans from all back grounds are like pigs with their snouts buried in the pig trough waiting for their next meal.

    They are too damn lazy to work the soil. I say throw some chains around their ankles and get the lazy buggers to do some work. I would commence with the empress. Lol.

    Whatever happened to Barbados very own Rasputin? The swarthy brown skinned side kick of Mia. Did his proposed plan come into fruition?

    Does anybody know how much this unelected “side kick” extracts from the Barbados taxpayer?

    As Bush Tea often exclaims “What a place”

    https://africa.businessinsider.com/politics/first-barbados-said-goodbye-to-the-queen-and-dubbed-rihanna-a-national-hero-now-it/vmly1bj


  17. BAJANS HAVE BEEN GIVEN A DEGREE OF LITERARY MASTERY THAT FEW COUNTRIES POSSESS – YET ACTIONABLE INTELLIGENCE SEEMS TO ALLUDE TOO MANY! I HAVE REPEATED MYSELF LIKE A STUCK RECORD FOR YEARS: “NO ONE IS COMING TO SAVE US” – FOR IT IS LEFT TO US TO SORT OUT OUR OWN MESS* & GET ON WITH THE PROGRAM OF LIVING

    Let me keep it short & “SWEET” as my “GORGEOUS” WIFEY* often opines – “Daddy, remember you are not teaching PhD students, but an unruly class of kids…”

    So I will not be “LONGWINDED”!!!

    As stated before, #TooManyTimes: “A PROMISE IS A COMFORT FOR A FOOL” – ‘FOR IF BEGGARS COULD BE CHOOSERS; BEGGARS WOULD RIDE ON WHITE HORSES & PRINCES WOULD BE PAUPERS’…”

    Before that “GORGEOUS HUNK OF BURNING LOVE” left this morning, she reminded me in good ‘ole “BAJAN VERNACULAR”:

    “GOD HELP THOSE WHO HELP THEMSELVES”!!!

    Women are weird, aren’t they??? ~LMBO

    I grew up in BIM* in the late 60’s, 70’s & 80’s & have spent #MoreTime in #MoreCircles than most – so I know a lot more than most people think!!!

    Be that as it may, it is now “POINTLESS” pointing a finger at any-BODY* when #4FingersPointBack at your “ARSE” – knowing what you know & your understanding of the “VARIABLES”, given I had a chance to “INFLUENCE” some kinda’ change in my country but I threw my hands up; “PISSED OFF” & moved back out into the wider world with the notion that if the “FOOKERS” sink or swim – they sink or swim!!!

    THAT I NOW REGRET* – BUT HEY-HO, THAT’S LIFE & WATER UNDER THE BRIDGE

    I am eternally thankfully, that God still moves in mysterious ways – so the “BALL” is in His court, NOW*!!!

    I am also thankful for the “WISDOM” of men like #ShahidBolsen & the fact that when you think that you have lost something – it is in fact, “A GAIN” for no one can come into his own with the help of “THE MIGHTY ONE” (unless HE* permits SATAN* to place you there as he did countless numbers)!!!

    Be blessed today, ‘BU AMBASSADORS’ – in the immortal words of my “PRECIOUS” GRANDMA* – “TIME LONGER THAN TWINE”!!!

    #AGone

    #TheGardenCalling


  18. The real critical years are from 2018 say to 2024. Those years would show the effect the debt restructuring and covid had on the fund. If this nonesence continues they will be forced to do a demand audit and basically right off the prior years. This should have been done when the fund changed to the NISSS. Of courae that would only have been if those running the fund wanted real change and not just a change of name!


  19. SOEs earmarked for reform

    By Shawn Cumberbatch

    shawncumberbatch@nationnews.com

    Government may have to bail out five state-owned enterprises (SOEs) that are not in the best of financial health.

    They are the Queen Elizabeth Hospital (QEH), Transport Board, Caribbean Broadcasting Corporation

    ( CBC), National Petroleum Corporation (NPC) and Barbados Water Authority (BWA).

    Their financial challenges are flagged in the Fiscal Risk Statement 2025 prepared by the Fiscal Risk Unit of the Ministry of Finance, Economic Affairs and Investment.

    ‘Moderate risks’ The report says that at this stage the five SOEs, which are being restructured and reformed to improve their financial stability and operational efficiency, “have been identified as posing moderate risks as a result of the implementation of mitigating measures by the Government”.

    “However, if this risk materialises, there is a 30 per cent likelihood of requiring supplementary funding, which is considered possible. This could result in a moderate risk-weighted impact of between 0.05 per cent and 0.5 per cent of GDP based on the 2024 GDP value of $14.428 billion,” the risk statement explained.

    This would be an overall bail-out of between $7.2 million and $72.1 million, said the statement, the preparation of which is mandated by the Public Finance Management Act.

    Low liquidity

    The five agencies being categorised as posing a moderate risk to Government’s fiscal situation is based on indicators “pointing to low levels of liquidity and the absence of robust mechanisms for quick cost recovery and maintaining strong financial health”.

    “Moderate risks with greater than ten per cent but less than 50 per cent likelihood of realisation include a . . . potential bailout of the NPC,” the report states.

    “Moderate risks with a greater than 50 per cent likelihood of realisation include the potential bailout of the Transport Board, QEH, and CBC.”

    The unit said that a risk assessment indicated that the five SOEs had “a concerning trend of low liquidity levels and fluctuating profitability”.

    “For instance, BWA is largely influenced by challenges with overdue receivables, while QEH generally reports a high level of monthly payables and a working capital deficit,” the statement explained.

    “Two SOEs, namely the Transport Board and the CBC, were identified as unable to meet their obligations as they come due. This presents an increased likelihood that they will require some level of capital injection going forward to sustain their operations.”

    Another risk highlighted in the report was the $71.6 million in Government guaranties of loans at SOEs, namely Kensington Oval Management Inc. (KOMI) – $50 million, Barbados Investment & Development Corporation (BIDC) – $19.42 million), and $2.17 million to the University of the West Indies (UWI).

    The document noted that while Government guarantees constituted an explicit contingent liability, “fiscal risks in this area are relatively limited”.

    “Guarantees include external SOE debt consisting of multilateral debt and bond issues on behalf of three state-owned enterprises. The state has committed to issuing no additional guarantees on domestically financed debt,” it said.

    “There have been regular principal repayments on the guaranteed debts, and the current balance is approximately $71.6 million. A maximum of approximately 70 per cent of the secured debt portfolio belongs to the KOMI, although it holds one-fifth of the loans.

    Share of guaranteed debt

    “A 27 per cent share of the guaranteed debt is held by BIDC, and the remainder of three per cent share of the secure debt portfolio is held by University of the West Indies although it holds more than half of the loans.

    “The authorities assess risks from guarantees materialising as a low risk, since the total amount of guarantees poses a minor risk as a percentage of the total debt stock to GDP.”

    The Government report said that steps were being taken to address the fiscal risks posed by SOEs. This is part of the Extended Fund Facility (EFF) arrangement Government has with the International Monetary Fund.

    The SOE aspect is focused on “significant structural reforms aimed at creating greater efficiency, improving overall financial health, and achieving self-sufficiency”. It is aimed at reducing the SOEs’ risk-weighted impact on public finances.

    Some of the initiatives being undertaken include:

    • The elimination of service redundancies through mergers and divestitures.

    • Introduction of cost control initiatives, business revenue enhancements and expansion initiatives.

    • Implementing performance benchmarking, stress testing and forecasting to be better able to ensure timely identification and resolution of potential risks.

    • Strengthening oversight to enhance reporting mechanisms and to facilitate better decision-making and risk management through various oversight committees such as the Fiscal Technical Working group, Management Accounting Unit and the Fiscal Risk Unit.

    Source: Nation


  20. And all of these would have submittled financial information to central government for the budget based on guestimates as well! More supplimentaries in wunna tail this year, along with a couple million in capital injections so that the same thing can happen next year again. Then we wonder why all we doing is borrowing to stay afloat.


  21. To what extend are public servants culpable in the matter of not providing timely information to the AG? It seems the inability, for whatever reason, of state agencies to supply information to ensure satisfactory audits feeds nicely into government’s plan.


  22. Generational Wealth
    Legacy Systems have become outdated
    Youths pay National Insurance for the Elderly’s Pensions and are being shortchanged in their inheritance by a spendthrift “Ghetto Rich” mindset

    Evolution
    What are the instructions? What is the guidance? In this life. Not in the old life when we were depending on religion and politics to help. In this evolved world where people are going to take responsibility for their life and be their own government in this world that we are creating?

    The speech of Haile Selassie made to the United Nations. That’s the same speech that contains the quotes that Bob Marley used for War. The closing arguments that His Majesty put to the world to say that it is a different set of challenges we’re going to face. The young people today are not preparing for the past, they are preparing for the future. And they are going to need to put aside those things that haven’t served us in the past to take on this challenge that is ahead if we’re going to make it out of this thing.

    Lose Everything For Jah, Dub Everything


  23. Not that we don’t have the ability but believe we self regulate to whatever is the norm. Not producing statements is the norm.

    Meanwhile the PM boasts about employers not having to pay second pensions. Imagine a ruling in 1975 when the NIS was viable, continues today though the Fund is now financially challenged. The 1975 regulation benefited employers of the time, eg., the BS&T, Plantations, DaCosta, banks etc., who didn’t have to pay pensions to their workers though a few set up a separate funds to ensure payment of second pensions to top management. Fifty years later employers remain happy with the dispensation as the purchase value of NIS pensions decline and workers deal with a spiraling cost of living, health care and the need to install & maintain security measures.

    I still cannot get over the shock of PM Mottley’s boast of not paying second mortgages. Never thought that in her role of looking out for the masses she was really representing employers. The fact the PM didn’t even expand her comments to recommend that people obtain private pensions to supplement the obvious shortfall of the NIS is unexplainable.

    There is a dire need for widespread discussions, debates and talks, etc about pensions and the different categories of government (NIS), employers and individual pensions as well as the urgent need to repeal the 1975 regulations. It is unfair and disadvantageous.


  24. The government removed the incentive under personal income tax allowance for private individuals to be encouraged to take out pension plans, RRSPs and related products. At the same time the consolidated fund is groaning under the stress of a defined benefit pension scheme for public officers including members of parliament.


  25. LOL…
    So wunna ACTUALLY THOUGHT that just because someone SAYS that they have the interest of the public at heart… that they REALLY DO?
    Murduh!!!
    Muh belly…

    Well NOT Stinking Bushie…

    Bushie EXAMINES the past FRUIT from the tree…
    Cause sweet talk OFTEN gives us SOUR fruit….

    looka…
    Trump PROMISED LOWER cost of living..
    More Jobs..
    Reduced inflation…
    …SO MUCH MONEY…

    ha ha ha
    but looka de fruit….

  26. NorthernObserver Avatar
    NorthernObserver

    The public employees cannot be culpable. The systematic failure to report, or generate the information required, lays with elected persons. If it was 2020, one may excuse the issue as inherited problems. Today, the continued failure is ALL home at the current group. They have, intentionally it would appear, opted not to report.
    And “we” don’t care. Nuff other places wusser than we. Stupse.


  27. The reference to public pension scheme is about the financial stress to the public purse due to mismanagement especially at the NIS.

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