{"id":247212,"date":"2025-08-21T08:17:39","date_gmt":"2025-08-21T12:17:39","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=247212"},"modified":"2025-08-21T08:38:49","modified_gmt":"2025-08-21T12:38:49","slug":"450m-bond-part-of-bold-plan-to-rescue-social-security","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/450m-bond-part-of-bold-plan-to-rescue-social-security\/","title":{"rendered":"Cabinet approves $20 million to renovate 33 rooms at Jolly Beach Resort"},"content":{"rendered":"
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\u00a0 \u00a0CABINET NOTES-<\/strong> The Cabinet continued its discussions on the government\u2019s 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\u2019S APP GROUP<\/em><\/strong><\/a><\/p>\n\n\n\n

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\u2019s sewage system, as well as its internet and communications infrastructure. <\/p>

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Upon completion of the renovations, the hotel\u2019s total room count will increase to 351, with works expected to be finished in time for the next tourism season.<\/p>

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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. <\/p>\n\n\n\n

These measures aim to transform Jolly Beach Hotel into a major investment prospect for Social Security.<\/p>

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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.<\/p>\n\n\n\n

This strategy will provide Social Security with:<\/p>

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