The Cabinet has advanced plans to consolidate government bond obligations owed to the Social Security Scheme while transforming the Jolly Beach Resort into a cornerstone investment for the long-term sustainability of the pension fund.

On Wednesday, Cabinet approved an immediate $20 million allocation to renovate 33 rooms at Jolly Beach Resort, construct a 500-seat conference facility, and upgrade sewage, internet, and communications infrastructure. Once completed, the project will bring the resort’s total capacity to 351 rooms, with renovations targeted for completion ahead of the next tourism season.

The broader investment package includes the consolidation of arrears to the Social Security Scheme, a $75 million injection into Jolly Beach, and the issuance of a $450 million bond over five years—set at 3 percent initially, increasing to 5 percent thereafter.

Under the plan, the resort will be vested in the Social Security Board, transforming what was once a non-performing liability into a revenue-generating national asset. The government projects that Social Security will benefit through:
•⁠ ⁠Steady operational income,
•⁠ ⁠Long-term capital growth, and
•⁠ ⁠The option to resell resort rooms under the Citizenship by Investment Programme (CIP).

Prime Minister Gaston Browne stressed that the government remains committed to sustaining Social Security without increasing the pension age or contribution rates, while also ensuring that underutilized national assets are maximized to strengthen the economy.

Parliament will meet on Monday, 25 August, to debate the proposal and to consider amendments to the CIP legislation, following concerns raised by the United States and the European Union.