Wiredja Online News Logo

WiredJa Online News

Wiredja Online News Logo

WiredJa Online News

BARBADOS - IMF issues warning to government on NIS funds

Featured BARBADOS - IMF issues warning to government on NIS funds
BRIDGETOWN, Barbados, Dec. 11, CMC – The Freundel Stuart administration has been warned of a shortfall in funds within the National Insurance Scheme (NIS) if the government and state owned enterprises (SOE) continue to make late payments.

This is according to the International Monetary Fund’s (IMF), 2016 Article IV Consultation report on Barbados.

While noting that the NIS is “well managed”, the international lending agency says the government needs to make contributions in a timely manner (rather than providing the equivalent in debentures) to ensure that the NIS has sufficient liquidity”.

The report on Barbados that was concluded earlier this year but recently released, also said future shortfalls in NIS funds could result in a reduction in benefits.

Meanwhile, according to the Central Bank’s last report on the economy in September, liquid NIS assets moved from BDS$525.7 million (One Barbados dollar =US$0.50 cents in 2008 to $153.2 at the end of 2015, while its cash moved from $13.1 million to $10.8 for the same period.

Last modified onSunday, 11 December 2016 12:23
  • Countries: Barbados

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.