Prime Minister Dr. Ralph Gonsalves has disclosed that the NIS was able to improve its finances, through its investments with the Government of St. Vincent and the Grenadines.
The Prime Minister while speaking on WEFM’s Issue At Hand program on Sunday says the National Insurance Services, NIS has benefitted from its investments with the Government of St. Vincent and the Grenadines.
“Fortunately that they had an exposure to the Government to the tune of about eleven percent and it is that which kept investment income more buoyant that it otherwise would have been. So rather than the exposure to the Government being a drag, in fact, it assisted, it assisted because the interest rates which were higher than what is earned from overseas investments and we paid, we didn’t default,” the Prime Minister said.
The Prime Minister while making it clear that the NIS is a well-run financial institution, noted that it has encountered challenges in recent years with overseas investments.