Barbuda MP skeptical over risk of Social Security investment

Barbuda MP Trevor Walker has shared his concern the risk involved in the investment plan regarding the Social Security Scheme.

While speaking in Parliament, Walker while not fully against the plan says there needs to have been a more comprehensive lay out of the proposal made public so that it can be scrutinized and analysed sufficiently.

He explained that in receiving the documents last minute he cannot just throw support behind the proposal especially because his concerns of the risk involved could not be answered.

“So, for me it is important to analyse the data. My common denominator is the risk that Social Security is one that was worth giving the approval for,” Walker said.

Walker touched on the Director’s presentation as well.

He mentioned that it was a detailed report but “one that he has heard before” and that “there was no mention of the document and the proposal before the Parliament”.

“I want to debate this thing in a very serious way…We are talking about a major investment that has risks too. So, notwithstanding the fact, I am supporting the fact, and I believe always that the portfolio must be diversified. That the Social Security must make good investments. Investments with risk levels that they feel comfortable with in terms of not only creating a return but one that can grow in value over time. Those things are important, but the question is how do we do that? How do we get there?” Walker asked.

The main source of his skepticism was the viability of the Jolly Beach hotel itself.

Another was the track record of the ABLP.

“I know two members over there sat between the time of 1972-2003. The question is why what was done then, was done. If you look at between 1979 to 2003, under the ABLP over two hundred and four million, three hundred and thirsty seven thousand and ninety-five dollars were owed to the scheme and that is just contributions. Then, you pair with that the arrears they had on government bonds and treasury builds its over one hundred and six million.

“The management of Social Security has to demonstrate transparency and responsibility at the highest levels,” Walker said.

Walker did not support the resolution.