FREE National Movement Leader Michael Pintard.
By RASHAD ROLLE
Tribune Senior Reporter
rrolle@tribunemedia.net
FREE National Movement Leader Michael Pintard said the Davis administration must have a sober and candid conversation with Bahamians about the financial state of the country and the National Insurance Board.
Prime Minister Philip “Brave” Davis said last week he will not increase the rate of NIB contributions despite warnings from actuaries about the future of the fund.
His comment came after Myles LaRoda, a Minister of State in the Office of the Prime Minister with responsibility for NIB, foreshadowed a 1.5 percent to 2 percent increase in NIB contributions within the next year. Mr Laroda told The Tribune last week that the 11th actuarial review of the fund said it was possible it could be depleted by 2028.
Mr Pintard said yesterday: “One of the concerns that I have with respect to the Davis administration is the frequency with which there is a disconnect on very important matters.
“I’m not being unrealistic. There will be times when a minister and a prime minister see things differently and a prime minister in a new administration has to hit the reset button and say ‘no, this is philosophically or technically what my views are on a matter’ and then you hit the reset button. That’s a little different from some of the things that are fundamental to governance.
“One early example was the issue around taxation, whether or not the government intends to increase new tax measurements or increase tax. There was a clear disconnect between the prime minister, (Minister of Economic Affairs Michael) Halkitis and the financial secretary.
“There’s obviously those clear differences with the minister of works around the hedging, whether or not the hedge would be executed and whether or not the cost of electricity would go up, for example.
“There was a clear difference around the final strategy report and with the content, most ministers weren’t clear on the content. So NIB is really a continuation and the reason I thought important to give that historical context is because what ministers and prime ministers say sends a clear message to the credit community, both locally and internationally, as well as rating agencies and when there is a disconnect, it suggests an unclear strategy. Are they going to follow what’s in the fiscal strategy report, which clearly signals taxation or are we going to follow what a minister or prime minister says that is not written.”
Although experts say NIB contributions must increase, administrations have continued to delay this. On Thursday, Financial Secretary Simon Wilson said the country lacks up to date economic data. He said relevant economic data such as that provided in the Labour Force Survey is needed before officials could say what indicators of economic progress in the country could finally trigger an NIB increase.
“For me the key thing is we need to get more economic data,” he said. “So we have not done an unemployment survey since 2019. So we all believe that the economy is getting stronger but we need data. So as an economist I would say yes, if you give me the data, I’ll make a determination. We’re operating really in the absence of economic data on the labour force. That’s very, very important.”
Comments
M0J0 2 years, 6 months ago
It always amazes me how matters become so important when one whom once had power had every right to do but yet failed but yet want to make it yet so important.
Sickened 2 years, 6 months ago
The PLP had all the solutions early last year - now nothing. The FNM had all the power last year - did nothing.
sheeprunner12 2 years, 6 months ago
Put all of the NIB cards on the table ....... what did the NIB Board/Government do with OUR money that WE invested for OUR sickness/retirement/maternity/unemployment etc benefits????
The PLP needs to tell BAHAMIANS where did the money go from 1974 until now. How come the fund has $1.6 billion in the bank AND other "investments", but it will go belly-up in 2028???
We cannot just accept that we must PAY more into the pot, and that will solve the problem ......... That is voodoo economics
hrysippus 2 years, 6 months ago
It is time to talk frankly about the state of NIB, ... .... ... the fund is a complete disaster as everyone can plainly see, . ..Set up years ago by Pingling to buy the retirees vote, . ... ...It is now like paying money to a horse race track side tote, ..... Like betting your retirement on a failing horse. ... ...That is so old and tired it can't make it round the course. '' Buying unsold government bonds is what the fund has mainly done..... .... ... .. .. .... And shares in BOB bought surely just for fun. ... ... BOB's a slush fund to help them cronies out,.. ... ... ..NIB is about astransparent as a glass of Guinness stout. sigh.
Sickened 2 years, 6 months ago
Well done.
M0J0 2 years, 6 months ago
To be real its really hard for NIB to be broke in such a fast time. Take a peak when the table the finances, its really hard for millions to just vanish that quick. Each gov. simply wants to scare us into more taxes. Schemes least we forget our covid travel visa.
TalRussell 2 years, 6 months ago
The radio ad spots say if you see something, report it. ... Okay, the Guardian's The Revolution with Vaughn Carmichael's... should promote the show as a one hour show, not two hours of actual time Mr.Carmichael is actually heard live-on-air.... an entire hour airtime is allocated for paid sponsors and advertisers .... and Mr. Carmichael's own penchant beg listeners ... '"forgive my tardiness, ... I had some very important traffic jam or business to attend to"... somethings URCA should be bothered by, ― Yes?
tribanon 2 years, 6 months ago
The corrupt, incompetent, and elitist political ruling class in our country, both of the PLP and FNM persuasion, will never ever admit that they are responsible for having bankrupted the national insurance fund. From day one they ran it like a Ponzi scheme with little or no regard for the longer-term fiduciary obligations associated with its intended social security purpose.
And now the very cruel Davis wants to squeeze even more out of the thousands of contributors to this national insurance fund over many years who are finally beginning to wake up to the fact that the benefits they were hoping to get back in their retirement years will either never be received or will be significantly reduced.
Yup, here we see the outcome of decades of unbridled greed by our very corrupt political ruling class. Yet cruel Davis will soon be calling for us to put even more of our cookies into 'his' cookie jar, all the while knowing that we will likely never get to eat any of them at the end of the day.
birdiestrachan 2 years, 6 months ago
Mr: Pintard it is a free Country you can talk as much as you like while Mr: Davis is PM it is too bad that you did not have this same freedom of speech under PM Minnis
It is indeed ::: A NEW DAY:" and Pintard can just run on and on. making sense or not.
TalRussell 2 years, 6 months ago
June of 2019 the FNM Minister said, ... Faced with a serious shortfall, NIB wants to go after large employers and the self-employed who owe between $14 and $17 millions of dollars, .... Could Pintard now in the month April in the year of 2022, now report on how much that sum actually was collected, ... and name the delinquents accounts and money and was paid, .... along with who was the FNM's Bill Collector of Record,** ― Yes?
tribanon 2 years, 6 months ago
Better for you to ask why the corrupt and grossly incompetent Davis led administration is doing nothing to collect significant amounts owed by delinquent payers, especially from those who are well known to be big time supporters of the PLP. But we appreciate that you and Birdie are pretty much of one mind when it comes to always bashing the FNM and supporting the PLP no matter what. LOL
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