WATCH: Browne Criticizes UPP Plan to Use Social Security Funds for Loans

Browne Criticizes UPP Plan to Use Social Security Funds for Loans

Prime Minister Gaston Browne has raised concerns about a proposal by the United Progressive Party (UPP) to use Social Security funds to establish a loan programme, describing the idea as risky and inconsistent with the party’s past positions.

Speaking on Pointe FM, Browne said the opposition is making a series of promises ahead of the general election that may not be financially viable, including plans to lend Social Security money to individuals.

“My understanding… is that they say they want to do a loan fund with Social Security monies,” Browne said, adding that such proposals form part of what he characterized as a pattern of “promising things that are not doable.”

The prime minister argued that the proposal contradicts the opposition’s earlier stance on the use of Social Security assets, pointing to criticism from the UPP when the government transferred the Jolly Beach property to the statutory body.

“The irony about that is that when we chose to transfer… the Jolly Beach property… to Social Security… they had a problem with that,” Browne said.

He said the transfer was intended to strengthen the institution’s asset base, while the opposition’s current proposal would involve drawing down funds.

Browne also cited past experience with government-backed loan initiatives, referencing a housing project at Painters that he said resulted in significant financial losses.

“They lost tens of millions of dollars,” Browne said, adding that borrowers sometimes treat government funds as if they do not need to be repaid.

“You see, part of the problem… is that people just believe that they don’t have to pay back because the government money is free,” he added.

His comments come as political parties outline competing proposals on economic policy and social programmes ahead of the April 30 general election, with Social Security and public finances emerging as key campaign issues.

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