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| …these are things that should get people angry – APNU With the continued financial debacle of the National Insurance Scheme (NIS) on full display, and as the entity celebrates its 44th anniversary, Joseph Harmon, of A Partnership for National Unity (APNU) believes that the entity was used as a ‘cash-cow’ for the ruling administration.In recent years the expenditure has been more than the NIS revenue and its contribution base has declined by as much as 25 per cent.Harmon believes that it is because of the way the Scheme was managed by the ruling People’s Progressive Party Civic (PPP/C) Administration that it has found itself in the current financial woes.He told media operatives, yesterday,Cheap Football Jerseys Paypal, that several years ago some managers at NIS had indicated that they did not agree with the kinds of investment Government was making of the NIS fundsAccording to Harmon, “NIS is a social safety net and what has been happening is that the PPP Government had no regard for the social safety net of the people of this country.”He said that the PPP/C is a party that deals with a certain set of people which is demonstrated in its issuance of contracts, “so the sufferings of the ordinary people of this country seem to be of little concern to the PPP/C administration.”Harmon said that the NIS is a social safety net created under the People’s National Congress (PNC) regime.“When the PPP/C came into office, that party saw it as a cash cow; the PPP did not see it as an institution that was to basically deal with the social issues of ordinary people; it was a cash cow so the PPP started making loans.”Harmon said that loans were made to companies “which I understand they haven’t repaid as yet.”He said that NIS under the stewardship of Dr Roger Luncheon also made several poorly advised investments in projects, “which I understand there have been no repayments as yet…huge loans to corporations which are still to be repaid.”Harmon reiterated, “NIS became a cash cow for the government. Anytime it wanted money from somewhere it just put its hands in the pot and take (money) out …What has happened now is that it’s now coming home to roost so that you have expenses that far outweigh revenues.”He stated that the practice of repeatedly dipping into the funds of NIS to make loans or ill advised investments has now led to a state of affairs where people are at risk.According to Harmon, “These are things that should get people angry. It is your money, which under the chairmanship of Dr Luncheon that this PPP/C government over the last 21 years took and spent in a manner which was inimical to the interest of Guyanese people.”NIS had lost some $6B that it had invested in the failed insurance company CLICO (Guyana) when that company was ordered liquidated 2009. |
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