The man trying to get Four Seasons restarted yesterday strongly hit back at critics, saying it was wrong to suggest that the International Monetary Fund (IMF) had “frowned” on investment by the National Insurance Scheme (NIS) in the project.
“Quite the opposite; the IMF is recommending the NIS diversify its assets more,” said Avinash Persaud in a statement emailed to the DAILY?NATION yesterday and posted on Facebook. It followed last week’s report from the IMF which warned that the NIS’ exposure to Government was well above the recommended limit of below 54 per cent.
However, Persaud said the NIS contribution of less than 2.0 per cent of its investments ($60 millon), was “prudent diversification” which earns its returns from well-to-do tourists – not local taxpayers.
He further noted that the project was backed by the Inter-American Development Bank (IDB), the world’s largest development bank, and Four Seasons, the number one hotel brand, and vetted by independent experts.
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