POND ISLAND--Social Health Care Insurance SZV and General Pension Fund APS have proposed to government that both organizations can cover the cost to expand and complete the new and still unoccupied Government Administration Building. Government will repay these organizations with the funds it currently spends on rent for several buildings occupied by government departments around the island.
SZV official Glen Carty said this investment proposal has been on the table to government for several months.
Government will have to repay at a particular interest rate and also include funds to cover the money it owes the organizations. The intention with the proposal is also for government to pay SZV on the outstanding amount it owes.
Carty said SZV and APS have been together discussing with government available options to engage in more investments on island to create jobs and to help government “get out of the predicament” it is currently in “because government owes us (SZV) money.”
In order to ensure that government can finance this “investment,” parties have requested that government provides proof that it has cancelled its rental contracts for the existing buildings around the country.
He said an inventory of the various factors involved in having such a proposal materialize is currently being done, including determining the exact cost to complete the new government administration building.
“We are sitting down with government and looking at what the cost is right now and we will bring in independent people to assess the cost. We want it to be transparent,” Carty said. “Government is not allowed to borrow so this is a solution. This they are allowed to do. These are the discussions taking place right now.”
He said for SZV this will be an investment. He said it is typical for SZV to make such investments.