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.