Antigua and Barbuda’s Social Security system held approximately $75 million to $80 million in cash when Prime Minister Gaston Browne last checked within the previous month, he said Saturday.

Browne gave the estimate on the Browne and Browne Show while responding to a listener’s question about whether Social Security had diversified its holdings to include more liquid assets.

“The last time I checked … Social Security had about $75 to $80 million in cash,” he said, indicating that his information was from within the preceding 30 days.

The listener had asked about the composition of Social Security’s investments and whether further efforts had been made to diversify its holdings.

Browne’s response provided an estimate of available cash but did not include a breakdown of the institution’s investment portfolio, outstanding obligations or monthly pension payments.

Cash holdings are one part of an institution’s financial position. The figure alone does not establish whether Social Security can meet its long-term obligations, which also depend on contribution income, benefit expenditure, other assets and liabilities.

The exchange also touched on past government assistance. Asked whether Citizenship by Investment Programme revenue had previously been used to meet shortfalls involving wages and Social Security payments, Browne answered yes.

He did not identify the amounts transferred to Social Security, the dates of those payments or whether further support was anticipated.

Browne’s estimate was not accompanied by a financial statement during the programme. He also did not specify how much of the reported cash balance was committed to upcoming payments or available for investment.

This article was originally published by Antigua News Room. Read the original article here: Antigua and Barbuda Social Security held $75 million to $80 million in cash, PM says.