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Debt plan for NIS, Bank blasted

GERALYN EDWARD, [email protected]

Debt plan for NIS, Bank blasted

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A PLAN TO GET the National Insurance Scheme (NIS) and the Central Bank of Barbados to extend the time for Government to make interest payments due to the two entities has been blasted by a retired permanent secretary.

William Layne, who served in the Ministry of Finance, said the plan announced by Minister of Finance Chris Sinckler in his May 31 Budget would disadvantage the NIS.

Sinckler said talks had started with the NIS and the Central Bank to ease interest payments on Government debt.

While Sinckler did not go into details on the move, he told the House of Assembly the proposed debt re-profiling would save Government at least $70 million on interest expenses in this financial year. (GE) 

Please read the full story in today’s Sunday Sun, or in the eNATION edition.