Published 23 August 2023
Basseterre
Buckie Got It Media Source
Development Bank was in a critical state when we took office, but with the competent team put in place, we were able to stabilize it. The state of mismanagement by the previous Harris-led administration was so dire that it hindered the bank from repaying its obligations to Social Security.
The Development Bank owes Social Security $119,921,959.78, almost $120 million owed to the Social Security. None of this money was borrowed under the new administration. This is what we met. The last time any money was paid to Social Security under the former administration was January 2022 and the amount paid was a meager two hundred thousand dollars ($200,000). So between January and August, not one cent was paid to Social Security for the $120 million. The amount that Social Security is supposed to be paid is six hundred and ninety-seven thousand ($697,000) per month but they were paying two hundred thousand ($200,000), less than one-third, to service the debt, and in addition to that the last time anything was paid was January 2022.
This substantial amount of funds is significant as it rightfully belongs to the public. When I communicated the necessity of our actions to safeguard Social Security, this was the essence of my message. I refrained from disclosing this information prematurely, as I wanted to ensure a thorough analysis was conducted. My intention was never to conduct a baseless investigation, but rather to provide the people with accurate information they rightfully deserve.
