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CABINET NOTES- The Cabinet continued its discussions on the government’s plan to consolidate bond obligations owed to Social Security Scheme, explore strategies to leverage the Jolly Beach property as an investment vehicle, and advance a broader vision for the long-term sustainability of the pension fund. CLICK HERE TO JOIN OUR WHAT’S APP GROUP
On Wednesday, Cabinet approved an immediate allocation of $20 million to renovate 33 rooms at Jolly Beach Resort, construct a 500-person capacity conference facility, and upgrade the hotel’s sewage system, as well as its internet and communications infrastructure.
Upon completion of the renovations, the hotel’s total room count will increase to 351, with works expected to be finished in time for the next tourism season.
The government also announced plans to consolidate all arrears to the Social Security Scheme, inject approximately $75 million into the Jolly Beach Resort, and issue a $450 million bond over a five-year period, at 3% initially and 5% thereafter.
These measures aim to transform Jolly Beach Hotel into a major investment prospect for Social Security.
Once fully renovated and expanded, the resort will be vested in the Social Security Board, turning a previously non-performing government obligation into a revenue-generating asset.
This strategy will provide Social Security with:
- Long-term capital appreciation
- Steady operational income; and
- The ability to resell rooms under the Citizenship by Investment Programme (CIP)
The Prime Minister reaffirmed the government’s commitment to: - Sustain Social Security without raising the pension age or contribution rates
- Maximize the value of underutilized national assets
- Collaborate constructively with Social Security leadership to finalize the investment structure
The Parliament of Antigua and Barbuda will convene on Monday, 25th August, to debate the proposal for Social Security to invest in Jolly Beach Resort. - Parliament will also consider amendments to the CIP legislation in response to concerns raised by the United States and the European Union.
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Interesting strategy to tie the resort to the CIP program. Could bring in extra revenue if done carefully.
Here we go!👀
This government needs to go,
Like right now!
Father in heaven!
Save us from this wicked government 😭🙏🏽
the wicked government was the “SUNSHINE GOVERNMENT” that raped, ravaged, and scald the backs of Antigua people!! Plunged us into the IMF Latrine, millions wasted on “NEW” Engines, Can’t Park at east bus station, MILLIONS ON FENCES, EMBARASSING WORLD CUP FIASCO. Pensioners had to line up “foreday morning” to wait for pension payments. On top of that Jackie Quinn called them RAG-TAG!
Lord Farda we can’t deal with anymore of upp.
This $20 million refurbishment plus the $75 million retirement investment venture scheme is a huge amount to risk by this ABLP government.
The major concern for all taxpaying Antiguans should be that amongst these cabinet members there seems to be very few with proficient business acumen, financial wherewithal or many successful entrepreneurs amongst these them.
Very troubling in the coming years to come – I suppose it’s easier to gamble with other people’s money.
One can only hope that by placing all these eggs in one hotel’s basket, instead of diversifying such a large amount into smaller chunks into other financial sectors doesn’t backfire on the country.
The ABLP have already squandered so much…
$450 million bond sounds huge, but if it grows Social Security steadily, it could be worth it.
Who will be the contractors? All these constructions that are being pursued is simply a duct to siphon money. There is NEVER any accountability for ANYTHING. Lennox spoke to that issue and told us that they were burning money at National Housing and he , more than anyone else would know. Remember that construction is the easiest way through which to steal money.
This broke so-called “economic power house” has ran out of money, and now they are coming after your social security money..
They squandered millions in the Lait 70/30 dumb deal, the Antigua Airways Debacle(where are those Africans by the way?), planting hundreds of useless palm trees, bad road work and wasting millions fixing badly paved roads. so now this broke inept government is trying to hoodwinked the people into thinking that this Jolly Beach project is the savior.. 😂.
One just have to laugh sometimes.
Are with this blind people?
And by the way,do we even know where the ALPHA money went to? That’s if they even made any money off that foolishness?
You are getting played people,played.
It’s like going to the casino and lose almost all your money on the slots, but when your on your way out, you put your last $20 into this one machine hoping to win you back all the money you just foolishly lost.. huuumm, that’s this government folks. A very risky government..They have no clue about financial accumen..just gamble with your money.
Well folks, this Jolly Beach project is no savior..more pie in the sky, that’s all.
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