During his weekly radio address, Prime Minister Gaston Browne outlined his government’s strategy for resolving the outstanding debt, which has been substantially reduced from its original amount through systematic repayment efforts.
The Prime Minister disclosed that inherited liabilities totaling over $330 million have been brought down to roughly $218 million through an earlier bond mechanism, representing a reduction of more than $110 million in the principal debt.
“We have taken responsibility to pay previous Labour Party administration’s arrears, to pay UPP arrears—something that they never did,” Browne declared, drawing a contrast between his government’s approach and that of former administrations.
With a fresh bond arrangement now finalized, the government plans to address the remaining balance of just over $100 million. Prime Minister Browne expressed confidence that the upcoming bond issuance would enable complete settlement of all outstanding amounts.
David Mathias, Director of Social Security, corroborated the Prime Minister’s claims, confirming that the current government has not withdrawn any funds from the Social Security reserves.
Browne acknowledged that while his administration maintained consistent full premium payments between 2014 and 2022—a period during which previous governments had only made partial contributions—the financial strain of the COVID-19 pandemic disrupted this pattern approximately two years ago.
However, he emphasized that during the height of the pandemic, when private sector contributions declined sharply, the government actually increased its payments to ensure pensioners continued receiving their benefits without interruption.
“We increased our payments in order to make sure that pensions got paid,” the Prime Minister stated, underscoring his administration’s commitment to protecting vulnerable citizens.
The government has additionally strengthened its financial position by expanding its investment in CAF shares to $438 million, further demonstrating fiscal responsibility.
With the bond floatation imminent, Prime Minister Browne anticipates that all financial obligations to the Social Security Scheme will be comprehensively settled within 60 to 90 days.
Now who can fix their mouth to say this man, my beloved Prime Minister Browne, does not have Antiguans and Barbidans at heart? How soon people forget the good that he has done for them,because despite the shortfalls during the covid crisis, he made sure social security recipients received their money; he even put a moratorium on some bills like APUA’s and some of you still twist your lips attached to your halitosis, sewage smelling mouths to talk ill of him. But just remember ….who God bless no man can ever curse. Just know, my beloved Prime Minister, that this little old woman appreciates you.
****Barbudans***
This is exactly the type of leadership we need. Successive governments left behind huge arrears, and at least this administration is taking responsibility to pay them down
That’s indeed good news. That’s the price you pay for running a country you inherit and have to clear past debts
This is a positive step toward restoring trust in the Social Security system. Workers deserve to know their contributions are protected.
PM Browne talks a good game about paying arrears, but the Social Security system is still under pressure. People waiting on benefits want results, not speeches
Good to hear no funds were pulled from Social Security reserves, but the pandemic excuse is wearing thin. Pensioners still worry about their future payments
If Antigua and Barbuda clears $100 million in arrears, it could strengthen investor confidence and open doors for future economic development projects
From what I get to understand that the Labor Party administration never paid in any contributions for government employees for 28 years. Then under the Lester Bird administration, $550 million were borrowed from the Social Security Scheme, plus what the UPP didn’t contributed. Are you telling me that, now under Gaston Browne leadership in 10 years, that majority of the debt were settled leaving an outstanding balance of $100 million?
All this talk about millions and bonds, but will it mean better roads, better schools, or lower cost of living for the rest of us?
Oh please. This clown lies ad infinitum. He quotes infamous figures with absolutely no paper work to corroborate his verbal diarrhea. Someone be kind enough to produce facts to back up his empty promises.
For ten years he’s been making deceptive budget speeches without laying before Parliament audited reports of every government entity,as required by law, including social security. Where is the money coming from to do what he says? The Air Peace deal, the WIOC land deal with his son, NAMCO,Blue Ocean, National Housing,the Alpha Nero papers, to name a few.
Besides, the ALP government, of which this clown was a part of, stole,borrowed, raped, social security to the tune of 550 million. Now it’s 318 million? Mathias and Melfraud are simple to of the Dawg’s stooges among many.