{"id":242454,"date":"2025-07-05T18:19:58","date_gmt":"2025-07-05T22:19:58","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=242454"},"modified":"2025-07-05T18:20:12","modified_gmt":"2025-07-05T22:20:12","slug":"pm-browne-upps-inaction-doomed-social-security-our-plan-will-save-it","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/pm-browne-upps-inaction-doomed-social-security-our-plan-will-save-it\/","title":{"rendered":"PM Browne: UPP’s Inaction Doomed Social Security, Our Plan Will Save It"},"content":{"rendered":"
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PM Browne: UPP’s Inaction Doomed Social Security, Our Plan Will Save It<\/strong><\/p>

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Prime Minister Gaston Browne has launched a stinging critique of the United Progressive Party (UPP), accusing its former finance minister, Harold Lovell, of gross inaction and financial mismanagement that pushed the Social Security Scheme into insolvency.<\/p>\n\n\n\n

In a detailed statement outlining the government\u2019s plan to transfer the Jolly Beach Resort to the Social Security Board as a revenue-generating investment, the Prime Minister also revisited the fund\u2019s troubled past. He admitted that previous Antigua and Barbuda Labour Party (ABLP) administrations, like the UPP, had borrowed from the scheme without adequately repaying or investing its assets. But he argued that it was the UPP\u2019s failure to act on urgent reforms that nearly collapsed the system.<\/p>

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\u201cInstead of making the urgent parametric changes, including an increase in premiums and the retirement age to salvage the scheme, the then Finance Minister Harold Lovell did absolutely nothing,\u201d Browne stated, accusing the UPP of “kicking the can down the road.”<\/p>

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He added that under the UPP’s tenure, pensioners were often left waiting in long queues from early morning, only to leave empty-handed due to delayed payments. \u201cMany suffered the indignity of returning home without their pension payments after several hours waiting,\u201d Browne said.<\/p>\n\n\n\n

The Prime Minister compared the UPP\u2019s contribution of just $65 million to Social Security over ten years with his administration\u2019s projected total of $300 million over 11 years, including an upcoming $90 million bond payment.<\/p>

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Browne also dismissed Lovell\u2019s credibility on financial matters, asserting that the former minister had no investment experience and oversaw four years of economic contraction during his five-year term. \u201cWould any serious person rely on financial advice from Mr Lovell, with his long list of failures and eight electoral defeats at the polls?\u201d he asked.<\/p>\n\n\n\n

In contrast, Browne defended his government\u2019s decision to invest in the Jolly Beach property as a strategic move to generate long-term returns for Social Security. The plan involves selling 315 existing rooms under the Citizenship by Investment Programme (CIP) and constructing 200 new units, with a combined projected return of EC$400 million over ten years.<\/p>

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He also pledged transparency and oversight through regular audits, parliamentary reporting, and strengthened investment committees.<\/p>

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While critics have raised concerns about the risks of using real estate to fund pensions, Browne insists the plan is secure, citing government guarantees to back any shortfalls and asserting that the investment will yield returns far superior to low-interest bank deposits.<\/p>\n\n\n\n

\u201cOur bold investment strategy will transform an underutilised national asset into a revenue-generating engine for Social Security,\u201d he said.<\/p>\n\n\n\n

The proposal has reignited debate over the management of the nation’s pension fund, with the Prime Minister drawing a firm line between what he calls past negligence and present vision.<\/p>\n

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PM Browne: UPP’s Inaction Doomed Social Security, Our Plan Will Save It Prime Minister Gaston Browne has launched a stinging critique of the United Progressive Party (UPP), accusing its former finance minister, Harold Lovell, of gross inaction and financial mismanagement that pushed the Social Security Scheme into insolvency. In a detailed statement outlining the government\u2019s […]<\/p>\n","protected":false},"author":3,"featured_media":218114,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-242454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nPM Browne: UPP's Inaction Doomed Social Security, Our Plan Will Save It - 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\/pm-browne-upps-inaction-doomed-social-security-our-plan-will-save-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PM Browne: UPP's Inaction Doomed Social Security, Our Plan Will Save It\" \/>\n<meta property=\"og:description\" content=\"PM Browne: UPP’s Inaction Doomed Social Security, Our Plan Will Save It Prime Minister Gaston Browne has launched a stinging critique of the United Progressive Party (UPP), accusing its former finance minister, Harold Lovell, of gross inaction and financial mismanagement that pushed the Social Security Scheme into insolvency. 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