{"id":252702,"date":"2025-10-07T06:01:00","date_gmt":"2025-10-07T10:01:00","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=252702"},"modified":"2025-10-06T14:05:24","modified_gmt":"2025-10-06T18:05:24","slug":"government-to-75m-cash-in-social-security-debt-settlement-proposal","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/government-to-75m-cash-in-social-security-debt-settlement-proposal\/","title":{"rendered":"$75M Cash Injection Part of Government\u2019s Social Security Debt Proposal"},"content":{"rendered":"<div id=\"antig-3393334076\" class=\"antig-ecab antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div><div id=\"antig-1894358880\" class=\"antig-before-content antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/medicalbenefitsscheme\" aria-label=\"PHOTO-2026-04-07-10-45-56\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1200\/h:400\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/PHOTO-2026-04-07-10-45-56.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1200\/h:400\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/PHOTO-2026-04-07-10-45-56.jpg 1200w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/PHOTO-2026-04-07-10-45-56.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:341\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/PHOTO-2026-04-07-10-45-56.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/PHOTO-2026-04-07-10-45-56.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1200\" height=\"400\"   \/><\/a><\/div>\n<p> The Government of Antigua and Barbuda has offered a <strong>$75 million cash injection and major asset transfers<\/strong>, including the Jolly Beach property, as part of a formal proposal to settle more than <strong>$400 million owed<\/strong> to the Antigua and Barbuda Social Security Board (ABSSB).<\/p><div id=\"antig-3438395690\" class=\"antig-content_5 antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/ablpag\" aria-label=\"Full-ABLP-Team-Digital-Billboard-1920x1080px\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1920w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:169\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:576\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:432\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 768w, https:\/\/mlavawteztbj.i.optimole.com\/w:1536\/h:864\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1536w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1920\" height=\"1080\"   \/><\/a><\/div>\n\n\n\n<p>The plan, outlined in a letter from <strong>Financial Secretary Rasona Davis-Crump<\/strong> to ABSSB Chairman <strong>Kem Tonge<\/strong> dated <strong>August 21, 2025<\/strong>, seeks to restructure and consolidate the government\u2019s longstanding arrears into a <strong>single 25-year bond valued at $437.8 million<\/strong>.<\/p>\n\n\n\n<p>Under the proposal, the government will:<\/p><div id=\"antig-3449519069\" class=\"antig-content_4 antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div><div id=\"antig-1486757178\" class=\"antig-content_12 antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/ablpag\" aria-label=\"Full-ABLP-Team-Digital-Billboard-1920x1080px\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1920w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:169\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:576\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:432\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 768w, https:\/\/mlavawteztbj.i.optimole.com\/w:1536\/h:864\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1536w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1920\" height=\"1080\"   \/><\/a><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Provide <strong>up to $75 million in cash within the first 12 months<\/strong> of the agreement.<\/li>\n\n\n\n<li>Transfer <strong>income-generating assets<\/strong>, beginning with <strong>Jolly Beach<\/strong>, to strengthen the Board\u2019s investment base.<\/li>\n\n\n\n<li>Convert all previous obligations, including the <strong>2010 bond<\/strong>, <strong>2022 bond<\/strong>, and unpaid contributions, into the new long-term instrument.<\/li>\n<\/ul>\n\n\n\n<p>For the first five years, the bond would carry <strong>interest-only payments at 3%<\/strong>, increasing to <strong>5% in years six to ten<\/strong>, before full principal and interest repayments begin in year eleven. The Financial Secretary also requested that the Board <strong>waive all accumulated interest arrears<\/strong> to facilitate the restructuring.<\/p><div id=\"antig-2134149748\" class=\"antig-content antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/ReggaeInTheParkAntigua\" aria-label=\"lucanio\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:864\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2020\/12\/lucanio.jpeg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:864\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2020\/12\/lucanio.jpeg 1080w, https:\/\/mlavawteztbj.i.optimole.com\/w:240\/h:300\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2020\/12\/lucanio.jpeg 240w, https:\/\/mlavawteztbj.i.optimole.com\/w:819\/h:1024\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2020\/12\/lucanio.jpeg 819w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:960\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2020\/12\/lucanio.jpeg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1080\" height=\"1350\"   \/><\/a><\/div>\n\n\n\n<p>The letter describes the proposal as a comprehensive plan to put the Social Security scheme \u201con a sustainable financial footing\u201d without raising contribution rates or the retirement age.<\/p>\n\n\n\n<p>On the <em>Browne and Browne Show<\/em> earlier this month, <strong>Prime Minister Gaston Browne<\/strong> said the plan represents the fulfillment of a previous arrangement originally designed by the UPP administration but never executed.<\/p><div id=\"antig-1921285951\" class=\"antig-content_2 antig-entity-placement\"><a href=\"https:\/\/www.courts.com\/antigua\/\" aria-label=\"500X500 (1)\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:500\/h:500\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/03\/500X500-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:500\/h:500\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/03\/500X500-1.jpg 500w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:300\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/03\/500X500-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:150\/h:150\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/03\/500X500-1.jpg 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" width=\"500\" height=\"500\"   \/><\/a><\/div>\n\n\n\n<p>\u201cThe swap that we intended to do with Jolly Beach is for that very bond that the UPP created in 2010,\u201d Browne said. \u201cIt\u2019s just that they never honored it. So what we\u2019re doing now \u2014 we\u2019re honoring the UPP\u2019s agreement to do an asset swap.\u201d<\/p>\n\n\n\n<p>Browne said that once Jolly Beach is transferred to the Social Security Board, the government\u2019s debt to the institution will \u201cbe practically wiped out,\u201d reducing the outstanding liability to about <strong>$300 million<\/strong>. He also confirmed that government contributions now average <strong>$3 million per month<\/strong>, with pensions being paid on time.<\/p><div id=\"antig-1731504563\" class=\"antig-content_3 antig-entity-placement\"><a href=\"https:\/\/www.antiguabarbudaculinarymonth.com\/\" aria-label=\"CM key_WEB 1300x300_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1301\/h:301\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/CM-key_WEB-1300x300_1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1301\/h:301\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/CM-key_WEB-1300x300_1.jpg 1301w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:69\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/CM-key_WEB-1300x300_1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:237\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/CM-key_WEB-1300x300_1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:178\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/CM-key_WEB-1300x300_1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1301\" height=\"301\"   \/><\/a><\/div>\n\n\n\n<p>The Prime Minister defended the proposal as a responsible way to honor long-overdue obligations while preserving Social Security\u2019s solvency. \u201cThis government is ensuring that Social Security has a performing asset that can generate income and maintain stability for pensioners,\u201d he said on air.<\/p><div id=\"antig-4157878933\" class=\"antig-content_6 antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div>\n\n\n\n<p>The Financial Secretary\u2019s report and the Prime Minister\u2019s remarks together outline a coordinated approach to debt management \u2014 one that blends <strong>liquidity relief<\/strong>, <strong>asset transfer<\/strong>, and <strong>predictable bond servicing<\/strong>.<\/p>\n\n\n\n<p>The agreement could reduce the government\u2019s arrears, improve the ABSSB\u2019s liquidity, and stabilize long-term pension payments. The bond\u2019s phased payment schedule also provides fiscal breathing room for the state while ensuring regular income to the Board.<\/p>\n\n\n\n<p><\/p>\n<div id=\"antig-762297170\" class=\"antig-in-comments_2 antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/@hadeedmotorsltd\" aria-label=\"Hadeed_WEB_Banner_MG-2\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1000\/h:250\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1000\/h:250\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 1000w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:75\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:192\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1000\" height=\"250\"   \/><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>The Government of Antigua and Barbuda has offered a $75 million cash injection and major asset transfers, including the Jolly Beach property, as part of a formal proposal to settle more than $400 million owed to the Antigua and Barbuda Social Security Board (ABSSB). The plan, outlined in a letter from Financial Secretary Rasona Davis-Crump [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":251333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-252702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$75M Cash Injection Part of Government\u2019s Social Security Debt Proposal - 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\/government-to-75m-cash-in-social-security-debt-settlement-proposal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$75M Cash Injection Part of Government\u2019s Social Security Debt Proposal\" \/>\n<meta property=\"og:description\" content=\"The Government of Antigua and Barbuda has offered a $75 million cash injection and major asset transfers, including the Jolly Beach property, as part of a formal proposal to settle more than $400 million owed to the Antigua and Barbuda Social Security Board (ABSSB). 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