{"id":193917,"date":"2024-01-15T17:50:21","date_gmt":"2024-01-15T21:50:21","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=193917"},"modified":"2024-01-15T17:50:21","modified_gmt":"2024-01-15T21:50:21","slug":"upp-asks-cabinet-why-diversion-of-profits-from-statutory-bodies-is-necessary-in-this-economic-powerhouse","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/upp-asks-cabinet-why-diversion-of-profits-from-statutory-bodies-is-necessary-in-this-economic-powerhouse\/","title":{"rendered":"UPP asks Cabinet why diversion of profits from statutory bodies is necessary in this \u2018economic powerhouse\u2019"},"content":{"rendered":"
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Real News<\/strong>: The United Progressive Party\u00a0 (UPP) is condemning what it describes as \u201cthe failed Gaston Browne-led Government\u201d for Cabinet\u2019s new mandate to statutory corporations and government-owned companies.<\/p>

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In a Cabinet decision dated Wednesday,\u00a0 December 13, 2023, these agencies were informed that, as a matter of policy, a minimum of 50 percent of their dividends on profit or surplus \u201cshould be remitted \u2026 to the Consolidated Fund,\u201d effective January 1, 2024.<\/p>\n

However, the executive order was dated and stamped by the Cabinet Secretariat on January 4, 2024.<\/p>

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The UPP is calling on the Government to leave \u201cthe people\u2019s money\u201d alone, especially funds belonging to the Medical Benefits and Social Security Schemes.<\/p>

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It notes that these funds are to be used for the payment of benefits and for advancing the corporations\u2019 missions of social welfare and upkeep of the Nation\u2019s health infrastructure.<\/p>\n

If the country is in such a stable financial state and considered an economic powerhouse by the Browne Administration, the UPP is wondering why the diversion of profits is necessary.
\n\u201cIsn\u2019t Gaston Browne\u2019s onslaught of tax increases and new taxes enough to prop up Government\u2019s finances?\u201d the Party asks.<\/p>

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Accordingly, Party officials are worried further about the country\u2019s \u2019s true financial state.<\/p>\n

They point out that this new measure regarding the statutory bodies was not mentioned in any of the December Cabinet Notes, nor in the Budget Presentation on December 15.<\/p>

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Further, they point to the fact that although tax hikes to fund public-sector salary increases went into effect on January 1, the Browne Administration is yet to announce when, exactly, public servants will receive their new compensation.<\/p>

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Meanwhile, the last of the LIAT (1974) workers will be made redundant as of February 5, 2024; and, like their colleagues who were terminated in 2020, they have no idea when the Browne Administration will pay their severance and benefits.<\/p>\n

Many people are speculating that \u2013 despite raising significant revenue in 2013 \u2013 including record takings by the Port Authority \u2013 the Government\u2019s income is being swallowed by loan repayments, poor investments like the failed E-book project, and the creative-enrichment schemes of Cabinet members and their cronies.<\/p>\n

Recalling the rape of the once-prosperous Free Trade Zone by a previous Labour Party Administration, UPP Chair D.Gisele Isaac notes that, on assuming office in 2014, the Browne Cabinet was said to have raked $27 million out of the Medical Benefits Scheme\u2019s reserves.<\/p>\n

She says she \u201ccannot believe they\u2019re planning to raid the statutory
\ncorporations again and in an economic climate like this.\u201d Yet, at the same
\ntime, she adds, \u201cGaston Browne is fooling the people with this expensive
\n\u2018free concert\u2019 that they, themselves, are paying for.\u201d<\/p>\n

She was referring to the \u201cOne Nation Concert\u201d staged by the Administration
\non Saturday night, January 13, for which high-priced performers were imported.<\/p>\n

Meanwhile, the UPP is particularly concerned that other statutory corporations are struggling financially and that most of their audited financial reports and management letters remain a secret.<\/p>\n

For quite some time now, Opposition Leader Jamale Pringle \u2013 chair of the Public Accounts Committee \u2013 has been asking for\u00a0 these financial records, and even has written directly to Finance Minister Browne requesting them \u2013 but to no avail or acknowledgement.<\/p>\n

In some instances \u2013 such as the National Housing Corporation \u2013 not one
\nrecord has ever been brought to Parliament, the opposition party alleges.<\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

Real News: The United Progressive Party\u00a0 (UPP) is condemning what it describes as \u201cthe failed Gaston Browne-led Government\u201d for Cabinet\u2019s new mandate to statutory corporations and government-owned companies. In a Cabinet decision dated Wednesday,\u00a0 December 13, 2023, these agencies were informed that, as a matter of policy, a minimum of 50 percent of their dividends […]<\/p>\n","protected":false},"author":3,"featured_media":193845,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-193917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nUPP asks Cabinet why diversion of profits from statutory bodies is necessary in this \u2018economic powerhouse\u2019 - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/upp-asks-cabinet-why-diversion-of-profits-from-statutory-bodies-is-necessary-in-this-economic-powerhouse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPP asks Cabinet why diversion of profits from statutory bodies is necessary in this \u2018economic powerhouse\u2019\" \/>\n<meta property=\"og:description\" content=\"Real News: The United Progressive Party\u00a0 (UPP) is condemning what it describes as \u201cthe failed Gaston Browne-led Government\u201d for Cabinet\u2019s new mandate to statutory corporations and government-owned companies. 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