ST. GEORGE’S, GRENADA, November 3, 2015 – GIS: The National Insurance Scheme (NIS) and the Grenada government have reached a settlement on how money the government owes to the scheme will be paid off.

Economic Development Minister Oliver Joseph made the disclosure to the media during Tuesday’s Post Cabinet news conference at the Ministry of Works.

Minister Joseph reported that the NIS board has taken a decision to accept the request from the government to restructure its debt.

Initially, government was asking the NIS for a haircut in line with similar agreements reached with bond holders.

Minister Joseph says the restructuring plan with NIS will benefit the nation.