The government owes nearly $1 bn in outstanding arrears to the Social Security and Medical Benefits Schemes. That disclosure was made on Wednesday by Finance and Economy Minister Harold Lovell during a press conference.
He said the amount represents just over $600,000,000 owed in arrears to the Social Security Board and a little more than $300,000,000 owed to the MBS.
The minister also disclosed that this amount represents about one third of the government's overall outstanding debt of just over $3 billion.
“Our debt to the statutory boards is a significant portion of our overall indebtedness, and we have been having talks with these entities to see how best we can clear up these arrears,” Lovell told journalists.
The finance minister conceded that this level of outstanding money owed by the government has put the solvency of these institutions at risk. The ongoing talks between the government and the boards have been designed to arrive at ways to prevent the statutory boards from going broke.
Successive governments have been delinquent in paying money deducted from workers' salaries into the schemes.
Lovell said monies are also owed to the Board of Education, but this amount is much smaller compared with those owed to SS and MBS.
According to the minister, overall local debt represents two-thirds of all the country’s indebtedness of just over $3 billion.
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48 Comments In This Article
RE: Nearly 1 Billion Owed to Statutory Boards
Fed Up
@ Tenman
Morris
carvaa
Most company used the recession as an excuse to do what they wanted to do all along, we are using the IMF to do just that.
IMF
Freedom of Imformation Act
Atilla
gas prices up on monday
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tenman
Harrold you are a JOKE!!
I hope when the ALP is returned to power they are not going to be soft on you and your party. They will run an investigation and who really deserve to get lock up get it. Dear God deliver us from Evil and the UPP please, Lord I am begging you cause I cannot take much more of the hardship.
Smoke n Mirrors
re: tenman
Base d on what you described, the situation is more serious since the ruling party knew of and demonstrated against such illegal practices but continued the same illegal practices.
I can understand why the people may be frustrated and tired and be at the point of giving up. But that is exactly what the politicians want. The race is not for the swift, it is for the one who has endurance. Keep hope alive!!
fnpsr
No comparison
No comparison
@TRUE SON OF THE SOIL
ANTIGUAN
LOVELL( please--------- --------------- --------------)
ANTIGUAN
Disguted
@npsr
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tenman
a call for an investigation
fnpsr
ALP hack vs UPP lie & @In The Know
An improved budgetary performance in 1996 led the government to make partial payments of social security contributions for the first time since 1990.
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tenman
@Cool Ruler
caribbean360.c om/index.php/bu siness/41235.ht ml. Cool Ruler, now, you could at least stop talking about Paris Club's loans from the 60s and 70s. Antigua wasn't even quite developed back then. We were still going through severe hardships. I don't think have to remind you. You remembered the song "Starvation?"
Dig It
Skyewill
What is really behind this?
You the people are just the pawns who will pay for this for generations to come.Just like in the U S V I many of you will not be able to afford to live in your place of birth. So continue the ignoramus arguments of UPPvs. ALP while they clean you out and keep you in perpetual poverty.
CountryMan
Skyewill
Just blowing smoke up your you know what
In a country of low social capital this what you get on an issue that will have an effect on the quality of life for generations to come.
As Morris said the politicians are laughing all the way to the bank while you scratch each others eyes out on their behalf. This will not change until NGOs and Civil society is allowed to flourish; and the rule of law are enforced.
CountryMan
Skyewill
What is really behind this?
Your out put costs are high. There is nothing appealing or special any longer of the pristine environment. Crime and the increase in hooliganism is a deterrent to North American visitors. The Brits are a bit more adventurous, and they love the vestiges colonial stuff like English Harbour and cricket. So they will venture as tourists.
CountryMan
Cool Ruler
What is really behind this?
The Party in power then used the shop as their personal piggy bank. This is no longer a UPP or ALP issue; its an issue of a bankrupt political system of governance. Antiguan's like to say "Government is a continuum" . The truism is ironic in that its a continuation of a system of no statement, no leadership, no ideas of what to do
CountryMan
The Antigua Ponzi Scheme
This is a very serious offense. They have taken money from workers pay and did not do what was required by law, but instead squandered it. I see a parallel here with Stanford. Stanford took investors money promised them high returns and used the money for other things, and is now unable to repay those investors.
Sta nford is in jail awaiting trial for his alleged Ponzi scheme. I believe that all involved in the “Antigua Ponzi Scheme” should be brought to justice. Therefore, I call upon the DPP and the Police Commissioner to launch a criminal investigation into this Ponzi scheme.
fnpsr
@ Fed Up & Atilla
Morris
Lovell-bad decisions pt 3
Dig It
Lovell-bad decisions pt 2
Dig It
Lovell-bad decisions pt 1
Dig It
Don't cry for me Antigua (part 3)
We thy sons and daughters stand,
Strong and firm in peace or danger
To safe guard our native land.
We commit ourselves to building
A true nation brave and free.
Ever striving ever seeking
Dwell in love and unity.
Raise the standard! Raise it boldly!
Answer now to duty's call
To the service of thy country,
Sparin g nothing, giving all;
Gird your loins and join the battle
'Gainst fear, hate and poverty,
Each endeavouring, all achieving,
Live in peace where man is free.
God of nations, let Thy blessings
Fall upon this land of ours;
Rain and sunshine ever sending,
Fill her fields with crops and flowers;
We her children do implore Thee,
Give us strength, faith, loyalty,
Never failing, all enduring
To defend her liberty.
Atilla
Don't cry for me Antigua (part 2)
Atilla
Don't cry for me Antigua (part 1)
Atilla
UPP, this article proves that belief. Antigua has always been governed by a bunch of
rogues and scamps, and we allow them to do it. If my employer fails to remit my SS,
MBS or Education Levy there would soon be an 'invigilator' banging on their door.
Why should we continue to allow a set of vagabonds mess up our country ? This is not
about party politics, it's time we rose above that, it's more important. If we don't then
our great grandchildren will inherit a lump of debt and wonder why WE were so dumb,
ignorant and very very stupid.
Fed Up
@In The Know
@In The Know can you tell the public how the government plans to solve this indebtness by incurring more debt though the issue of a bond? Let me ask you @In The Know what will be the interest rate of this bond?
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tenman
@In The Know
..
tenman
TC
@ Antiguan Abroad & Tenman
Morris
Get Real Tenman
In The Know
thinking
me
in addition
..
tenman
@Cool Ruler
..
tenman
Antiguan Abroad
"I believe the U.P.P. has made a few bad decisions over the past 6 years" OFFICIAL JOKE OF THE DAY
You seem to be a true son of the blue ocean more than a true son of the soil. You seem like one of those stuck on the dead 28years argument. Thank God Antigua and Barbuda was discovered in 2004. How much do you really love your country as you claim? Maybe you should first honestly compare the tenure of Lester Bird (not even even the 28years of the entire ALP) and that of Baldwin Spencer and the UPP. If it were possible for you to be honest you would certainly change you're tune after weighing all the good and bad equally!
I thought the UPP's mantra was, we're repaying all these bad loans the ALP had outstanding as well as making the necessary contributions to statutory bodies which the ALP neglected???
C ool Ruler once again you are just displaying to the world exactly how much of a blind and totally partisan individual you are. By the way please point me to where Tenman disputed Antigua and Barbuda had loans dating back to the 60's and 70's.
Have Mercy
Scary
Morris
A question??
Is Mr. Lovell admitting that his and Baldwin Spencer's UPP administration also DID NOT pay in workers' monies to these two statutory schemes? Just wondering!
B.Berry
The Results of the Prostituting of our nation by the ALP
prostituting of our nation thourhgout their 28 years of ruling we are a tiny nation with a very montrous debt. Here they are today still brainwashing and still able to brain wash many Antiguans & Barbudans to put them back in office. They were in office whe there was'nt a global recession and what did they do. I believe the U.P.P. has made a few bad decisions over the past 6 years of their ruling but it's nothing compared to that of the former A.L.P. especially under the leader ship of Lest Bird. Many of us Antiguans & Barbudans need to first learn and master love of country before we open up our mouths to critisize. It should no longer be what the polician is going to do for me or my family but what are they going to do for our beautiful Antigua & Barbuda.
True Son of the Soil
Cool Ruler
WHAT IS THE DIFFERENCE?
I PRAY TOO
@PLM - retrenchment
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tenman
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