NIB Reports Reveals Thousands in Unpaid Loans

NASSAU, BAHAMAS – The 2018 and 2019 annual reports of the National Insurance Board reveal delinquencies in loan payments to the social security fund. The reports tabled in Parliament, Wednesday, by the Minister responsible Myles Laroda, also reveal a drop in prosecutions.

Our Berthony McDermott has more on this.

The reports revealing five government entities entered loan agreements with the national insurance fund, with some failing to pay up.

Through a memorandum of understanding with the Ministry of Environment and Housing in 2013, the fund agreed to loan up to $10,000 for the Bahamas National Housing Construction Project.

The funds started being issued in $2,500 installments from December 2013.

But according to the report, no payments were made in 2017, 2018, or 2019 and the loan is in default, according to the report.

The fund also agreeing to loan The Bahamas Development Bank $1,300 to fund the purchase of an office building.

No principal payments were made that year.

Additionally, $10,000 was loaned to the Water and Sewerage Corporation in 2013 for a wastewater treatment plant on Gladstone Road.

Principal payments made in 2019 amounted to $985.

In August 2009, BPL also got a loan but that was repaid in 2019.

The report also addresses prosecutions.

2019 saw a decrease in prosecutions in the Magistrates’ Court by 202 cases.

Also, there were 744 prosecutions in 2019 and 946 in 2018.

Additionally, NIB paid out $24.5m more in benefits and assistance than it received in contributions in 2019.