2016 promising for NIF — Deer–Williams

SENIOR director of investments of the National Insurance Fund (NIF) Audrey Deer-Williams indicated this week that the NIF which lost some $6 billion in the national debt exchange (NDX) of 2013 is firmly back in growth mode.

The fund whose total holdings of securities amounted to $46 billion ahead of the swap, took a haircut on $30.62-billion worth of bonds swapped. Deer-Williams said then that the value could be recovered.

The director stated this week that “the current draft results show that not only has the NIF recouped lost ground since the National Debt Exchange (NDX) but has grown over $13 billion since financial year 2013 when net assets were $63.48 billion.”

The NIF is the source of funding for old-age pensions and other payments for Jamaicans who have contributed to the National Insurance Scheme (NIS), as well as benefits for the indigent. Annual contributions and accumulated reserves are invested, with money disbursed to the National Insurance Scheme (NIS) as needed.

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