Leader of the Opposition responds to UWP government explanation on the use of NIC funds

Leader of the Opposition responds to UWP government explanation on the use of NIC funds
Opposition Leader Phillip J. Pierre
Hon. Philip J. Pierre

(PRESS RELEASE VIA SNO) – As expected the United Workers Party responded to my query on the use of the National Insurance Corporation (NIC) funds with the usual name calling and character assassination of the messenger.

The response by both the Party and the Minister failed to answer the pertinent questions that the public and the thirty – seven thousand people who voted Labour await responses for.

We await answers for the following:

– Is it accurate for the Minister to imply that $40 Million in 2015 is the same as $100 Million in 2018?

– The Minister says that the transaction by the SLP government was exactly the same but the UWP release says it is in “stark contrast” – which statement is true?

– It is responsible policy that when pensioners’ funds are being invested the highest rate of return should be received. This means that out of deference for the future of these funds the Saint Lucia Labour Party offered a higher return of interest. What is wrong with that decision?

– The UWP government boasts about growth in the economy. Why was it not able to find from its cash flow money to settle the bonds that the investors demanded payment for?

– What are the individual values of the bonds that did not rollover?

– What would a default in payment mean to Saint Lucia’s reputation and credit worthiness?

– What assurances can the government give that the new bond issue would be purchased by the market in thirty days? If not how will the NIC be repaid?

– What are the total value of bonds presently held by the NIC on behalf of the government?

– What effect would the failure of bond holders to roll over $100 Million worth of bonds have on the capital and other expenditure plans of the government?

– Will the government not have to resort to other short term and more expensive borrowing to fund its expenditure?

– The NIC did not voluntarily invest in the bonds they were instructed to do so by the government. Could the NIC not get a better return than 1% on investment in other portfolios?

As I said before no amount of name calling or misinformation will obscure the facts, or the poor economic and financial management of the government.


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  1. Hey Moron!

    Let me put this as simple as I can:

    Why can't people (does not matter age/ sex/ political affiliation/ race etc) question the decisions and actions of a government? You all are acting like "people" should not challenge foolishness! Reminds me a self proclaimed, so-called wealthy, so-called world leader who lies blatantly to the world and expects smiles and hugs!

    Not everyone who disagrees with you are your enemy! The salutation expressed here is just the way I react to the content of your post!


  2. Well said again Pierre. As I said before The facts are the facts so they can't debate it and because they can't debate it they can't deny it. So their only option left for the usual robble rousers are to throw stones and name calling (you will see the illiterates chiming in just now). Just call it out Pierre for what it is. You have been checking him from he was tourism minister and he dispise you for that because you were always on point that much I remember.


  3. The imbecilic attempt to switch the topic works mainly on SLP morons. More intelligent people know that a BA in General Studies is not a BS in Economics. It has never been so. As such, it does not qualify one to be an economist anywhere else, but in the SLP's Cabinet here in Saint Lucia. In the land of the blind SLP cabinet, the one-eyed man is always the king.

    Today, some 90 percent of our national debt is inherited from the blunders of the SLP. Morons of the SLP are not data minded. Therefore, this bears repetition. Some 90 percent of our national debt today, is inherited from the blunders of the SLP. Make no mistake about that.

    UWP or no succeeding government, for that matter, comes in facing a clean slate, meaning no debt. SLP armies of created grass cutters would not care about that. They are just contented to suffer like everybody else.

    UWP came into power facing the debt payment obligations of the group of amateurs, that collected fat salaries and knew not, cared not, and understood little about the long-term impact of their tinkering.

    No country exists without debt. It is to operate from the deepest level of ignorance, to ever suggest otherwise. Read this again, to clear your mind of what our ignoramuses are trying to feed your brains.

    What we have had in the Cabinets of the SLP have been, to put it most charitably as possible, are pure amateur economists pushing their unadulterated BS on the unsuspecting public. Years upon years of raw, untrained amateurs and square pegs in round holes have been tinkering with the economy. They are still trying to come back to do more damage.

    They have continued, while an ill-informed public, oblivious to the consequences, allowed the blustering by the tyranny of the country bucketfuls of incompetents to sink this country into unsustainable debt. They blissfully tinkered with instruments of economic policy.

    Why accuse some of any dishonesty, when abysmal ignorance and superficial learning will do?

    This accounts for the unfortunate string of economic blunderings that went on for years upon years! This country was brought to its knees and ridicule by the Rochemel egregiousness, the Black Bay utter stupidity, and the Grynberg assinine fiasco. Some people still want more of the same.

    The SLP did not give us smart government and people with acumen. They are today still loaded with clever politicians. There lies, a chasm of difference.


    • BlackBay lands was lost under UWP. SLP simply acquired the lands back. Give Jack his Jacket and Jerry his Jerrycan


  4. You have moved the conversation from "Using the pensioner's fund" to "the bonds". Your shit is defenseless Pip.


    • How clever! Grant them that. When caught in their schoolboy web of lies, new topic, they run quickly and shift the goal posts.


  5. Trying to correct shit with more shit Pip. There are no differences between the two loans. UWP will be paying in 1/3 the time you paid for more money borrowed. Think you should be quiet for the sake of your leadership position.


  6. I doubt that this administrations Finance Minister will HONESTLY be able to answer truthfully all the questions posed by Philip in his above article/response to UWP's mis-information. The UWP are caught up in their own LIES.

    All valid very penetrating questions by Philip, well done, you are doing your job as leader of the opposition in holding so called ministers to account especially the PM.

    I personally thought that the government must have been leaning heavily on the NIC to borrow that money. The NIC must make sound economic decisions, I know: "we are we". Its my money. What if money cannot be paid back in time and my pension becomes due?

    NIC should not allow any government to bully them. Be independent and strong!


  7. Mr Philip J Pierre and SLP. You'll need to stop this nonsense as you did the same thing. Don't pretend like you don't know how these bonds work.


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