Persaud: Not So

Avinash Persaud (FP)

By Geralyn Edward | Thu, January 26, 2012 - 12:12 AM

The man trying to get Four Seasons restarted yesterday strongly hit back at critics, saying it was wrong to suggest that the International Monetary Fund (IMF) had “frowned” on investment by the National Insurance Scheme (NIS) in the project.

“Quite the opposite; the IMF is recommending the NIS diversify its assets more,” said Avinash Persaud in a statement emailed to the DAILY NATION yesterday and posted on Facebook. It followed last week’s report from the IMF which warned that the NIS’ exposure to Government was well above the recommended limit of below 54 per cent.

However, Persaud said the NIS contribution of less than 2.0 per cent of its investments ($60 millon), was “prudent diversification” which earns its returns from well-to-do tourists – not local taxpayers.

He further noted that the project was backed by the Inter-American Development Bank (IDB), the world’s largest development bank, and Four Seasons, the number one hotel brand, and vetted by independent experts.

Read the full story in today's DAILY NATION.

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Posted by Tony Webster 3 months, 4 weeks ago

Based on the above comments, it would be fair to assume that the Professor, (in whom I had hitherto had the greatest confidence and admiration when he spoke on any economic matter), has invested all his personal savings, and mortgaged his own home, in order to similarly invest in “a sure thing”. In this era of “transparency”, we are yet to be told even the most basic facts.

Please Prof., let’s have these simple facts, both (a) before Government’s Guarantee and NIS involvement (b) Ditto, post public-sector involvement