The Government of Antigua and Barbuda has unveiled a comprehensive plan to address its $400 million debt to the Antigua and Barbuda Social Security Board (ABSSB). The proposal, detailed in a letter from Financial Secretary Rasona Davis-Crump to ABSSB Chairman Kem Tonge on August 21, 2025, includes a $75 million cash injection and the transfer of income-generating assets, starting with the Jolly Beach property. This initiative aims to restructure and consolidate the government’s arrears into a single 25-year bond valued at $437.8 million. The bond will feature interest-only payments at 3% for the first five years, increasing to 5% in years six to ten, with full principal and interest repayments commencing in year eleven. The Financial Secretary has also requested the waiver of all accumulated interest arrears to facilitate the restructuring. Prime Minister Gaston Browne emphasized that this plan fulfills a previous arrangement designed by the UPP administration but never executed. He highlighted that transferring Jolly Beach to the ABSSB would significantly reduce the government’s debt to approximately $300 million, ensuring the Social Security scheme remains financially sustainable without raising contribution rates or the retirement age. The proposal is seen as a responsible approach to honoring long-overdue obligations while preserving the solvency of Social Security and stabilizing long-term pension payments.
$75M Cash Injection Part of Government’s Social Security Debt Proposal
