David Mathias, Director of the Antigua and Barbuda Social Security Board, has provided a comprehensive overview of the scheme’s historical debt and the measures taken to address it. During an interview on Pointe FM’s Browne and Browne show, Mathias traced the origins of the debt back to the PLM administration, highlighting its escalation during the UPP era, and the ongoing restructuring efforts under the current ABLP government. By the end of 2003, before the UPP assumed office, the Social Security scheme was already burdened with approximately $366 million in arrears. This figure surged by an additional $127 million during the UPP’s tenure, culminating in a total debt of nearly $550 million by 2010. To manage this, a Memorandum of Understanding (MOU) was established, involving a bond and asset swap. Mathias emphasized the current administration’s progress in reducing the bond, transferring assets, and implementing reforms aimed at ensuring the scheme’s sustainability. The interview underscored the complexities of managing public social security systems and the importance of strategic financial reforms.
VIDEO: Social Security Director Details How Arrears Mounted from PLM Era, Escalated Under UPP, and Are Now Being Restructured by ABLP
