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T R I B U N E 2 4 2 . C O M
Biggest And Best!
Volume: 119 No.160, July 14, 2022
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NIB FUND HIT FOR $190M BY COVID
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A $190M DEFICIT blowout triggered by COVID-19 resulted in the National Insurance Board’s reserves slumping to $1.54bn at yearend 2020, it can be revealed. Draft 2020 financial statements, which have been obtained by Tribune Business, for the first time reveal the extent of the damage inflicted by the pandemic on The Bahamas’ national social security scheme which was already struggling in its worsening battle for long-term viability. NIB’s reserve fund shrank by almost 11 percent, or nearly $189m, in just 12 months as it was forced to liquidate investments to meet unemployment payouts and other forms of COVID-related assistance
when the Bahamian economy collapsed virtually overnight. The figures reveal that short-term benefits payouts, which would have included NIB’s 13-week unemployment assistance initiative, more than tripled yearover-year - increasing by 209 percent from $41.868m in 2021 to $129.84m - due to the scale of terminations and furloughs sparked by COVID-19 lockdowns and other restrictions. As a result, total benefits expenditure soared to $405.876m for the 12 months to end-December 2020, representing a 30.2 percent year-over-year jump from 2019’s $311.64m, with the increase driven almost entirely by unemployment and other short-term relief payouts. FULL STORY - SEE BUSINESS
FORMER Prime Minister Dr Hubert Minnis has accused National Security Minister Wayne Munroe of prejudicing investigations into an incident involving a Cabinet minister and a Royal Bahamas Police officer. Dr Minnis levelled the accusation against Mr
Munroe after he doubled down on calls for police officials to provide an update on what allegedly took place between Transport and Housing Minister Jobeth Coleby-Davis and a police officer. In May, Mrs ColebyDavis was accused of assaulting a Royal Bahamas Police officer with her vehicle during a Carnival event. SEE PAGE THREE
- SEE PAGE EIGHT
ANTI-GANG OPERATION ENDS WITH 27 ARRESTS TWENTY-seven people were arrested early yesterday morning for alleged gang related crimes. The 23 men and four women, according to police, were taken into custody from throughout New Providence as part of operation ceasefire. “Officers attached to operation ceasefire arrested the suspects during an early morning operation on Wednesday July 13, 2022,” a statement released yesterday read. SEE PAGE THREE
FUNDS SET TO RESOLVE AIRPORT DISPUTE
MINNIS ACCUSES MUNROE OF PREJUDICING POLICE PROBE LEANDRA ROLLE Tribune Staff reporter lrolle@tribunemedia.net
FRONT PORCH: LESSONS FROM RISE AND FALL OF BORIS JOHNSON
CAN YOU HELP HIM? ONE of the dogs being cared for at the animal shelter in Grand Bahama. By DENISE MAYCOCK Society, said the problem is in the United States, said Ms Tribune Freeport Reporter getting worse as there is not Burrows, who is anticipatdmaycock@tribunemedia.net enough space to humanely ing an increase in the next accommodate any more couple of weeks. GRAND Bahama animal animals at the shelter on “Our funding has shelter is being forced to Coral Road. decreased, and we have put to sleep more than half “Since Dorian and the not been able to hold funof the animals being taken pandemic, it has just gotten draisers because of the to the centre. worse because people are pandemic, but the need for An influx of animals, the struggling,” she told The our services has increased lack adoptions and an acute Tribune. and cannot provide the funding shortage has led to The shelter houses 105 level of services that is the crisis. dogs and 20 cats. That is only needed right now for all Tip Burrows, executive because 44 cats were sent out these animals.” director of GB’s Humane last week to rescue partners SEE PAGE TWO
Nassau & Bahama Islands’ Leading Newspaper
By LEANDRA ROLLE Tribune Staff reporter lrolle@tribunemedia.net TOURISM, Investments and Aviation Minister Chester Cooper says the government has approved funding to honour all agreed terms of an industrial agreement with Airport Authority employees. SEE PAGE FIVE
STATESIDE:
THE GAME OF PICKING NOMINEES
- SEE PAGE NINE