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Antigua and Barbuda Social Security Executive Director David Mathias says the government’s investment in the Jolly Beach Resort will generate reliable returns for the pension fund without drawing from contributors’ money.
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Speaking on Government in Motion, Mathias emphasized that the arrangement is designed to boost Social Security’s cash flow through ownership and dividends rather than direct spending.
“It’s not that money is coming out of Social Security and going into Jolly Beach,” he said. “It is a commitment being made by the government of Antigua and Barbuda to put Social Security’s investment portfolio on the right footing by them making the investment in Jolly Beach.”
He explained that the government will finance and redevelop the property, then transfer equity to the Social Security Board, making it a major shareholder in the venture.
The fund would earn income from hotel operations and potential future dividends.
Mathias said the partnership reflects a shift toward sustainable, income-producing assets to offset growing pension liabilities as retirees live longer and average payments increase.
The investment, he noted, is part of a broader effort to stabilize the scheme’s reserves and ensure timely benefit payments.
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I watched this same said man do a one-sided interview on ABS Today. What a joke!
The interviewer was only giving him soft ball questions. This interview could have been a top-notched one if another guest was invited with an opposing viewpoint.
And furthermore, what made this lopsided so nauseating and sleep inducing was that the interviewee was allowed to drone on and propagandise the so-called benefits of using taxpayers money to gamble on the Jolly Beach Resort investment scheme without any comeback.
The media must allow listeners to hear both sides of this highly controversial subject, so that there’s balance, faircl play and a sense of neutrality about it.
Antiguans must demand better forthwith!
It’s another attempt to bamboozle the people.
This current administration is not going anywhere with the country right now, so they send these hoodwinked jokers out there to make fools of themselves.
If the deal had made sense, people would have listened to these people pushing this agenda, but the deal doesn’t make sense, so people are tuned out.
Plus we are losing our youths, so that’s the topic that needs to be addressed, but here we are trying push a volatile investment that involves a very shaky CIP.
Whoever bank that back this deal has to be out their minds.
This might work until the next PANDEMIC then what. You closed the border for a year and what happened? LIAT went bust and a host of other tourism oriented businesses went belly up.
No one looks at the cup half full in this country. It is always half empty. I’m watching this space. I think it can work.
Looks like people like @FC thoroughly enjoy the myopic and one-sided topics that go in favour of whatever ABLP tells them. Pure propaganda!
Is it any wonder that Browne and his cohorts have been in governance for soooo long!
I’ve had my head buried in business for so long that I never really realised the imbalance in our political system, that must be addressed for the sake of our Democratic process.
This is aterrible shame and to the detriment of other political parties, the electorate at large and the country as a whole.