{"id":247625,"date":"2025-08-26T07:03:05","date_gmt":"2025-08-26T11:03:05","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=247625"},"modified":"2025-08-26T07:09:04","modified_gmt":"2025-08-26T11:09:04","slug":"antigua-and-barbudas-parliament-approves-jolly-beach-resort-transfer-to-social-security-fund","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/antigua-and-barbudas-parliament-approves-jolly-beach-resort-transfer-to-social-security-fund\/","title":{"rendered":"Antigua and Barbuda\u2019s Parliament Approves Jolly Beach Resort Transfer to Social Security Fund"},"content":{"rendered":"
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Antigua and Barbuda\u2019s <\/a>Parliament has approved a controversial plan to transfer ownership of the Jolly Beach Resort<\/a> to the Social Security Scheme, as the government faces mounting criticism from the opposition over the fund\u2019s long-term viability.<\/p>\n\n\n\n

The move, approved four months after Cabinet first signed off on the EC$75m investment, will see the government inject funds into the scheme while settling part of its debt by transferring the resort\u2019s ownership. CLICK HERE TO JOIN OUR WHAT\u2019S APP GROUP<\/em><\/strong><\/a><\/p>

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Prime Minister Gaston Browne defended the plan during Monday\u2019s debate, calling it a cornerstone of his administration\u2019s \u201cempowerment capitalism\u201d model. CLICK HERE TO JOIN OUR WHAT\u2019S APP GROUP<\/em><\/strong><\/a><\/p>

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He argued that real estate investments would yield higher returns than bank deposits and predicted Social Security could generate a surplus of EC$60m annually from 2026. Browne also pledged a government guarantee to cover potential losses.<\/p>\n\n\n\n

However, opposition MPs branded the decision \u201creckless\u201d and \u201cscandalous,\u201d arguing the fund needs liquid cash, not a debt swap involving what they called a \u201cfailed asset.\u201d <\/p>

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Leader of the Opposition Jamale Pringle<\/a> called for more transparency, including a full valuation of the resort, while MP Sherfield Bowen dismissed the investment strategy as unrealistic. <\/p>\n\n\n\n

Barbuda MP Trevor Walker raised concerns over missing financial statements and actuarial reports, saying the public deserves full disclosure.<\/p>

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Despite vocal resistance and protests outside Parliament, the resolution passed with the government\u2019s majority, setting the stage for ongoing national debate about the future of Antigua and Barbuda\u2019s<\/a> Social Security Fund.<\/p>

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CLICK HERE TO JOIN OUR WHAT\u2019S APP GROUP Antigua and Barbuda\u2019s Parliament has approved a controversial plan to transfer ownership of the Jolly Beach Resort to the Social Security Scheme, as the government faces mounting criticism from the opposition over the fund\u2019s long-term viability. The move, approved four months after Cabinet first signed off on […]<\/p>\n","protected":false},"author":12,"featured_media":244531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-247625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nAntigua Barbuda Jolly Beach Resort Ownership Shift - Antigua News Room<\/title>\n<meta name=\"description\" content=\"Explore the plans for the Antigua Barbuda Jolly Beach Resort as ownership is transferred to the Social Security Scheme.\" \/>\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\/antigua-and-barbudas-parliament-approves-jolly-beach-resort-transfer-to-social-security-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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