Finance Minister, Colm imbert, has accused the Opposition of spreading propaganda and has assured that there is no ‘impending solvency’ of the National Insurance Board (NIB).
In the House of Representatives on Monday, the UNC asked what measures are expected to “save the NIBTT from impending insolvency”.
However, Imbert scoffed at their use of the word “impending” and noted that the National Insurance (NIS) system, the NIS Fund has almost $28 billion and is estimated to last another 22 years.
Imbert said “There’s a propaganda technique perfected during the Second World War which is a gross distortion or misrepresentation of the truth – it was called the Big Lie.“
Apart from the NIS Fund being $28, billion Imbert added that in 2020, the fund generated returns of approximately $1 billion and NIS was required to payout approximately $1 billion leaving the fund intact at 28 billion.
He said “If nothing’s done at this point in time, it’s estimated the fund will be depleted in 2043!”.