• Latest
NIS paid more than it collected for the first 6 months of 2018

NIS did not give Government a “haircut” on debt

2 years ago
Grenada will not attend first OECS Parliament session

OECS and African Union partner to overcome vaccine challenges!

8 hours ago
Grenada honey one step closer to being legally sold on Trinidad market

Government meets with unions representing public workers

20 hours ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 16 April

20 hours ago
Mia Mottley’s profile in courage on anti-discrimination

Grenadian PhD candidate sets sights on environment and climate justice

1 day ago
Entertainers fully vaxxed and ready to perform at Sandals Grenada

Entertainers fully vaxxed and ready to perform at Sandals Grenada

1 day ago
Senator identifies finance as major shortcoming for sectors he represents

St Clair: MNIB resuming exporting of produce is good news 

1 day ago
Working together for growth & development

Working together for growth & development

1 day ago
Government says “no physical altercation” between journalist and junior minister

Collaborate with NaDMA for Covid-19 compliant relief effort

2 days ago
Securing Economic Integration: The importance of intraregional trade

Guidance for processing incoming persons from St Vincent

2 days ago
Ridge to Reef and MNIB launch Pest Management Project

MNIB resumes exporting; Increased inquiries from Barbados

2 days ago
Environmentalists unconvinced over Levera no-encroachment claim

Levera Project holding community consultations

2 days ago
SGU and Government of Grenada establish diagnostic testing facilities

SGU reopening; mandatory vaccination for all on campus

2 days ago
NOW Grenada

Main Header Ad 468x60

booked.net
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Article Header

NIS did not give Government a “haircut” on debt

This story was posted 2 years ago
3 April 2019
in Business, Politics
2 min. read
National Insurance Scheme (NIS)
Share

by Linda Straker

  • Government did not have a loan with the NIS
  • Debt to NIS is in the form of interest on treasury bills and bonds
  • NIS did not lose money through government debt restructuring programme

Louis Williams, Finance manager at the National Insurance Scheme (NIS) has disclosed that the scheme did not provide the Government of Grenada with a haircut during the debt restructuring period because the National Insurance Board instead opted to restructure with an extended time of repayment.

Williams said that NIS was one of the few to not lose any money through the government debt restructuring programme. The Government of Grenada did not have a loan with the NIS, but the debt to NIS is in the form of interest on treasury bills and bonds invested by the NIS. The total amount is EC$211 million with a maturity date at different years.

Under the restructured arrangement, the maturity date will move the original year to another year. “The money will be recouped down the road,” he told attendees at the first in a series of public consultation aimed at providing information on recommendations from actuary reports which calls for increasing contributions and the retirement age.

Grenada entered a 3-year, IMF supported Homegrown Structural Adjustment Programme (SAP) in January 2014.  The main objectives of the programme were to boost inclusive growth and job creation and to restore fiscal and debt sustainability.

Through the programme, a number of debtors re-arranged payment that resulted in the country receiving millions in debt forgiveness or change in the year of repayment. During the SAP, the country also approved several new financial legislation pertaining to the fiscal management of the country.

In February 2019 the International Monetary Fund (IMF) expressed satisfaction with the Grenada economy 5 years after the island had adopted a home-grown structural adjustment programme with the Washington-based financial institution.

IMF deputy managing director, Tao Zhang said that the policy of fiscal discipline instituted by the ruling Keith Mitchell New National Party Government, supported by the Fiscal Responsibility Law, helped to break a pattern of high debt and low growth.

“The fiscal adjustment helped cut the deficit by almost 10 per cent of GDP. It also helped reduce public debt from 108 per cent of GDP in 2013 by more than 40 percentage points by now,” said Zhang, who explained that contrary to popular belief, the significant fiscal adjustment did not negatively impact output.

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.

Tags: international monetary fundlinda strakerlouis williamsnational insurance schemestructural adjustment programme
Next Post
Opposition Party launches Policy Agenda

NDC Heartbeat: Déjà Vu

Comment on story Cancel reply

Please enter your valid email address.
Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Home Sidebar NP 300x250

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Copyright NOW Grenada

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

NOW Grenada
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.