The Antigua and Barbuda government has announced a strategic investment in the Jolly Beach Resort, aimed at bolstering the nation’s Social Security pension fund. David Mathias, Executive Director of the Antigua and Barbuda Social Security Board, revealed that the initiative is designed to generate reliable returns without tapping into contributors’ funds. Speaking on the program ‘Government in Motion,’ Mathias emphasized that the arrangement focuses on enhancing cash flow through ownership and dividends rather than direct spending. He clarified that the government will finance and redevelop the property, subsequently transferring equity to the Social Security Board, thereby making it a major stakeholder in the venture. The fund is expected to earn income from hotel operations and potential future dividends. This partnership marks a shift toward sustainable, income-producing assets to address growing pension liabilities, driven by longer retiree lifespans and increasing average payments. Mathias highlighted that the investment is part of a broader strategy to stabilize the scheme’s reserves and ensure timely benefit payments for retirees.
Mathias: Jolly Beach Investment to Strengthen Social Security’s Cash Flow
