We can’t force loans from Social Security Board — Premier
Premier Dr Natalio Wheatley has made it clear that the government cannot force the state-owned Social Security Board (SSB) to lend money to fund public projects despite suggestions from members of the parliamentary Opposition.
Since the news that the government plans to acquire a 100 million-dollar loan, Opposition legislators have been pressing the government to consider alternative funding methods, including tapping into the SSB’s financial reserves. They argued that the government should explore every possible option to meet the needs of the people. However, Premier Wheatley maintained that any decisions regarding loans from the SSB were entirely out of his hands.
Some Opposition members suggested this could offer a financial solution to the government’s ongoing infrastructure challenges. However, Premier Wheatley rejected this notion, stating that the government had already explored local financial avenues and concluded that the domestic banks provided the best terms for the country.
“The process gave us the best possible terms that we could have domestically,” Wheatley explained while noting that Social Security was invited to submit a proposal during the bidding process but chose not to.
Premier Wheatley emphasised that the Social Security Board operates independently and cannot be compelled to participate in government borrowing. “We are not in a position to force the Social Security Board to participate,” Wheatley told the House of Assembly last week. He added that while the government supports local financial institutions, the SSB is governed by its own board, which decides how it manages its resources.
Wheatley further highlighted the importance of maintaining strong partnerships with local banks to support the economy and ensure sustainable financing options moving forward, stating, “We don’t want this to establish a negative relationship with our local banks.”
Premier Wheatley also praised public officers for their role in negotiations. “I’ve been informed by the Ministry of Finance team who, might I add, did a great job in negotiating. I heard criticism on the other side and [they] made it seem as though I’m going and I’m personally negotiating with banks. That’s something that you have your technical officers, technocrats do on behalf of yourself and the government,” he stated.
“Let me say I believe they did a good job. The best job they could do given the circumstances as it was. I want to commend them for that. That yielded the particular interest rate that we have,” he said.
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how you all got our social security money to give to non farmers, non fisherfolks, family and friends? How?
How did they get $40m to give to cronies?
How did they get $17m on a failed housing project?
Poor SSB.
Watch out for that $38m from the $100m on road works.
hope you know that if this thing don’t play out right the general public will have your head
Seems to me like the Premier just took himself away from being blamed if the loan becomes a problem or very big burden on tax payers.
The social security money is used to give away to friends, families, cronies, fake farmers and fishers….NOT FOR LOANS
No.
Do not touch our money.
I vote no confidence in the governments ability to manage money, infrastructure, health care, ETC.
in 18 years the SSD could have made another $50million and saved us more than $40million
Great Premier we have
I think you will find the SSB is short of funds, just like NHI and BVI
Has not yet recovered from the Joe’s Hill road housing debacle above Road Town.
Have approx 50 houses empty and unwanted what is going to be done? Silence from the HOA
Premiere Wheatley is right, he should be reluctant to ever take social security money, that’s going to imperil future pensioners.
Government needs to keep away from SSB Money. Also needs to give back the $40 Million that friends and relatives stole.
Fahie raided the SSB for a $40 million grant during COVID. The SSB ignored its fiduciary responsibility as it was stacked by Fahie appointees. BVI has to decide whether it wants a funded social security system or a PAYG system whereby the SSB is basically a government revenue raising entity.
Are worker contributions sufficient to pay pensioners, etc, or it has to invest to meet its needs. Social security investing locally serves at least two purposes. One social security investing in the community it serves. Local funds are used to fund infrastructure and other needs. Borrowing Local funds to invest on capital projects results in a multiplier effect in the economy. Why would social security not be interested in investing on local projects to meet its investment needs. Is it investing outside the territory?
Yugguh Yoi, Yugguh Yoi, Yugguh Yoi
Emperor Selassie I
Jah Jah is the only way
Nobody wannu plant the corn
Everybody want to raid the barn
Who yuh a guh blame it on
When is a next man yuh a depend pon
Well yuh wrong
Nobody wannu plant the corn
Everybody want to raid the barn
Haffi sing yuh owna song
Can’t compete with careless John