Opposition Leader Ralph Thorne says the National Insurance is leaking funds in the debt swap arrangement.
“That it has not been as advantageous to the people of Barbados as was sold in this chamber – that somebody is losing; somebody is sacrificing. And it seems that in this country, the sacrificial lamb must always be the NIS [National Insurance Scheme] – the poor people’s bank,” Thorne declared during his Reply to Government’s 2025 Financial Statement and Budgetary Proposals yesterday.
“The poor people’s bank [was]raided by White Oak to the extent of $1.3 billion and now this debt swap arrangement is raiding the NIS to the extent of $400 million all told that the NIS has had to sacrifice the financial arrangements,” he said.
“Is that why the people of this country and the public service are being forced to retire at 67? Is that why, Your Honour?” he asked.
Thorne described the increase of the retirement age as “uncivilised.”
‘Not fair’
“A man goes into the public service at the age of 18 and 49 years later, he can retire. That’s not fair. That’s not civilised. That is not a socialist country or a country that models itself on the socialism of Scandinavia.
“But perhaps we don’t have the resources of those Scandinavian countries, but the point is, our NIS is being made the
sacrificial lamb in too many of Government’s shrouded financial arrangements,” he added.
Nest egg
Thorne continued to criticise the Government on it’s borrowing.
“If it has stabilised, you use the existing foreign exchange that you borrowed to generate itself with the economy. In other words, do what you say the loan was designed for, but you don’t come and put it like a warm egg in a nest and just look at it and say you have an egg. Let it hatch and let it grow into a chicken.”
He added that there was “no report from this Government that these loans are going into productive sectors”.
“People have come to Budget day and Budget speeches, prepared for academic interventions and for structural attention to the economy, not corn curls and pedicures. And telling people, boasting to people and people thumping the desk that you’ve given them $1.36 more?
“What does decency do in the face of insult? That’s an insult to the intelligence of Barbadians but Barbadians will remain decent all the same.”
(MB)
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