Imbert slams ‘unpatriotic attack’ by Kamla on NIF bonds
Acting Prime Minister Colm Imbert has slammed statements made by the Opposition Leader as it relates to government’s sale of bonds through the National Investment Fund (NIF).
On Tuesday, he announced that tax-free bonds in the new National Investment Fund Holding Company Limited are priced from $1000 and will be available between July 11 and August 8.
Speaking at the United National Congress’s Monday Night Forum in Barataria earlier this week, Opposition Leader Kamla Persad Bissessar said the National Investment Fund is like a Ponzi scheme.
“We can never trust this Government; the National Investment Fund is like a Ponzi scheme.”
Addressing this claims, the Acting Prime Minister described her statements as ‘unpatriotic.’
“The Opposition Leader referred to the National Investment Fund as a Ponzi scheme and has asked people not to invest in it. This attack on the fund is unpatriotic and highly irresponsible. It undermines the budget and people who listen to it will lose a great opportunity,” he said.
The Opposition Leader also said that Imbert has boasted that the government is making provisions for the man who has untouched savings to be placed in the facility.
However, Persad-Bissessar said given the state of the economy, many people do not have the luxury of hundreds of thousands of dollars just lying around.
In response, Imbert said the bonds of the NIF are by far the best offering ever made to Trinidad and Tobago.
He added that the government went with bonds with a guaranteed return.
“To allow the dividends to be tax-free for corporations as well as individuals the offering has shifted from shares to bonds. We are offering a 4.5% which is five times what is available on the marker now. So we went with bonds with a guaranteed return,” he said.
The Finance Minister further accused the Opposition leader of attempting to undermine the budget and also poison the minds of the people of Trinidad and Tobago.
Imbert added that there will a robust advertising campaign.
“There will be a prospectus and a robust advertising campaign. This a great opportunity for the public and I am really disappointed the leader of the Opposition will try to poison the minds of the public to benefit from this tremendous opportunity,” he said.
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