Opposition Leader Jamale Pringle has urged the government to consider transferring shares from the West Indies Oil Company (WIOC) into the Social Security Fund as a more immediate solution to its liquidity challenges.
Speaking in Parliament, Pringle criticised the government’s proposal to use the Jolly Beach Resort as collateral for Social Security, warning that the approach lacks transparency and does not provide the urgent financial relief needed.
“We are not saying that something should not be done with Social Security, but what should have happened, Mr Speaker, is that the Minister of Finance, according to law, should have been bringing the financial reports of Social Security along with the actuarial reports,” Pringle said.
He noted that lawmakers have only had access to the ninth actuarial report, despite the director of Social Security referencing subsequent reports during parliamentary debate. Pringle argued that the absence of updated reports undermines Parliament’s ability to make informed decisions on such a critical matter.
The opposition leader said the government’s approach amounts to “grandstanding” without giving the public the full picture of Social Security’s finances. He reminded MPs that in 2011, Prime Minister Gaston Browne, then an opposition MP, had argued that Social Security required cash, not asset swaps.
“If you want Social Security to be liquid now, let us not wait until maybe the Jolly Beach Resort might be profitable. Let us transfer shares from West Indies Oil Company, which we know is already a profitable company, to fix the situation immediately,” Pringle advised.
Pringle pointed to government documents which highlight that WIOC has contributed $160 million in dividends over the years, describing it as a proven income source that could provide immediate relief.
He concluded by stressing that transparency and timely reporting must come before any asset transfers, insisting that the government should “give the people the information” rather than making decisions without proper review of audited statements and actuarial assessments.
