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Lindsay Grant – People’s Action Movement

Basseterre, St. Kitts – Nevis
People’s Action Movement
Lindsay Grant
October 22, 2011

On Monday of this week the Peoples Action Movement through me as Political Leader made a call on The Board of Social Security to resign as a consequence of the leaked Memo written by the Director of Social Security, Mrs.Sephlin Lawrence to the Chairman of the Social Security Board Halva Hendrickson.

Several reasons were given, inter alia (a)The purchasing of land at Franklands Estate which to date has not been developed and no plans have been put in place to recoup that investment (b) The purchasing of land at Church Street to build a parking lot, which prime commercial space sits empty at the moment and (c) The BeaconHeights Development which has been the major talking point in the Federation over the past week.

The expenditure of some $80 million dollars on this project comes at a time when the last Article IV consultation shows that the Social Security Scheme is under serious pressure and the Fund is facing ongoing challenges and if not managed properly could begin to run a deficit as early as 2029.

I called for an independent investigation into the project and the findings made public, to the owners of the assets of the Social Security Board, the people. The independence of the investigation is very important for the people of the Federation to be able to have confidence in the institutions of government. Lately there has not been much to shout about. The investigation of the collapse of the bridge on the West Basseterre By Pass road still leaves alot to be desired. The police sick out remains unanswered and the investigation into the explosion at the Needsmust powerstation still has not gotten off the ground.Because of these failed situations, independent minds in the country are weary of investigations.

I pointed out that the Board had a fiduciary responsibility, both individually and collectively, to the people of the country, since in the final analysis it was the people’s money at risk. More importantly was the fact that while all of this is taking place the recommendation before the Board of Social Security and the Minister responsible for Social Security shows that the people are going to be asked very shortly to contribute more of their hard-earned dollars.In fact, it is being sought from the contributors the following (a) To increase the age from 62 to perhaps 67 or 70. This means we are going to be asked to wait longer to be pensionable when in fact we are dying younger. (b) To increase the level of the employees contribution from 5% to perhaps 8% or 11%. when at this time our disposable income is decreasing.If persons are required to have to suffer a greater burden by these measures to ensure that the Fund remains solvent into the future, then the people have a right to demand an investigation into the Beacon Heights project as the failure or success of this project can have an impact on the level of contribution from wages in the future.These are some of the matters that came before the Board to consider from the Actuarial Report of 2008 prepared by Derek Osborne of Montserrat.

Had it not been for the leaked Memo citizens would not have been the wiser. It begs the question about the other projects that the citizens have been asking about.The spending of some $250 million dollars at La Vallee which has put pressure also onthe National Bank which is also the primary banker to the Social Security.

The country is waiting to see if this matter will be brushed aside and swept under the carpet.

Related posts:

1. St. Kitts – Nevis Social Security Board Reports Gains
2. Social Security Board Considers Unemployment Benefit
3. Nevis Island Reviews Social Security Policy
4. 50 Percent Increase In New Social Security Registrants
5. St. Kitts – Nevis Government Increases Social Security

PAM Leader – Mr. Lindsay Grant

“Today I am only summarising what the IMF has published in its Article IV Consultation and Request for Stand-By Arrangement—Staff Report published as at September 2011.”

1. The world bodies are so worried about the collapse of our local banks that they have ordered the Government to place US$17.1 million into a Banking Sector Reserve Fund with the Eastern Caribbean Central Bank to provide support to any local bank which might have liquidity problems as a result of the mismanagement of our country by a Labour Government under Denzil Douglas.

2. Our people and our businesses have faced near 4% inflation and the out-look for 2011 is bleak, especially given the recent increases in electricity, Social Services Levy, Travel Tax and others causing everyone to be burdened.

3. The Government has had to engage an expensive Law firm from London to negotiate with organisations that we owe to try to get our debts rescheduled.

4. Our national debt is near EC$3 billion, cruising at 199% of GDP, of which 70% is domestic debt with National Bank buckling under the lion share.

5. The aim of all these new tax and other fiscal measures is to try to reduce the debt-to-GDP ratio from 200% to 162% by 2016, and hopefully to 60% by the year 2020 in line with internationally accepted standards. Our debt is the highest in the Caribbean and third highest in the world.

6. We have to hope for smooth sailing between now and 2020. If there is any little shock we would be in deep trouble and poverty would come to near 50% of our people.

7. Government is now in default to the tune of about $74.3 million on loans payable to regional and international organisations. At the same time Government realised a Budget Gap between 2008 and December, 2010, of EC$183 million.

8. Some of the conditions that we are to meet to satisfy the bailout by the IMF and possibly the Paris Club, include having to provide full and detailed accounts regularly and reporting regularly on all financial data of the public sector. Some data to be provided every month end include Budgetary Accounts, monthly Grants and Disbursements, Capital Expenditure, Principle and Interest payments on Domestic Debts, all issued cheque payments that are outstanding, arrears of Domestic Debt, Stock of External Debt and their repayment/repaid schedule of both.

9. The IMF is so worried about St. Kitts and Nevis that the Paris Club, an organisation of the world most powerful countries has been alerted about our dread circumstances and have been asked to prepare for a request from St. Kitts and Nevis as indications are that we need emergency care so that we do not bring down the Economic Union.

Related posts:

1. Grant Warns Of Douglas And Labour Party Tactics
2. PAM Needs To Throw Lindsay Grant Overboard
3. Lindsay Grant Promises Land…Agricultural Renaissance
4. Lindsay Grant Continues To Frustrate voters
5. Lindsay Grant Calls On PM To Reconvene Parliament

Kim Collins – St. Kitts – Nevis Sprinter

Basseterre. St. Kitts – Nevis
People’s Action Movement
September 03, 2011

“The performance of the team in the World Championship relay finals as well as Kim Collins performance throughout the entire championships has made us proud to be Kittitians and Nevisians and no doubt people of the Caribbean,” Grant said.

Basseterre, St.Kitts (Sept 4th 2011):-Leader of the People’s Action Movement Lindsay Grant and the entire executive and membership of the his party along with nationals and residents of St.Kitts-Nevis congratulate Kim Collins and Team St.Kitts-Nevis including Brijesh Lawrence, Antoine Adams, Jason Rogers and Delwayne Delaney on their magnificent and unprecedented bronze medal 4 x 100m relay performance at the IAAF World Championships in Daegue, Korea.

Grant commented “The achievement of these young men on the World stage shows the determination and fortitude which is characteristic of the Kittitian and Nevisian spirit which suggests that discipline, will, courage, heart and mettle can overcome humble beginnings and result in World Class success and achievements.”

“The performance of the team in the World Championship relay finals as well as Kim Collins performance throughout the entire championships has made us proud to be Kittitians and Nevisians and no doubt people of the Caribbean,” Grant said.

The Opposition Party Leader continued “ The success of Kim along with Antoine, Brijesh, Delwayne and Jason will undoubtedly be an inspiration to young people not only here in St.Kitts-Nevis but throughout the Caribbean region. This is extremely important as the very existence of our young people, particularly our young men,  in St.Kitts-Nevis is being threatened by crime and violence and it is achievement like these which will help to inspire and to influence a change of direction for many of our wayward youths.”

Grant also chided the government to seriously consider and embrace the economic opportunities that the performance at the World Games can bring to St.Kitts-Nevis.

“This is a another proud moment in the history of St.Kitts-Nevis and it provides our country with yet another golden opportunity and I would encourage,  in fact chide the government,  to  embrace these performances as an achievement for ALL of us and not just some and  we all should significantly nurture the economic benefits it could bring to our besieged  economy,” Grant advised.

The Party leader also congratulated the entire team management and entourage, “I must also extend congratulations to the entire SKN contingent including management and coaches as well as the local SKNAAA and NOC by extension as they would have no doubt provided the necessary moral, spiritual, technical and financial support necessary .The whole of St.Kitts-Nevis rejoices as we once again prove that we small but we tallawah”.

St.Kitts-Nevis won the bronze medal in the IAAF World Championship 4 x 100m relay in a time of 38.49 secs. This was the second medal of the games for team SKN and Kim Collins who also won Bronze in the 100m finals.

Related posts:

1. Kim Collins Takes Third Place In Sprint
2. Kim Collins Records Another Big Win In Russia
3. Prime Minister Douglas Congratulate Local Athletes
4. St. Kitts – Nevis Athletes Leave For Hampton Games
5. St. Kitts – Nevis Track Star Wins Again