When we took office, we put in place a competent team to stabilize it. The state of mismanagement by the previous Harris-led administration was so dire that it hindered the bank from repaying its obligations to Social Security.
The Development Bank owes Social Security $119,921,959.78, almost $120 million owed to Social Security, the people’s money. None of this money was borrowed under the new SKNLP administration.
The last time any money was paid to Social Security under the former administration was January 2022 and the amount paid was a meager two hundred thousand dollars ($200,000). So, between January and August, not one cent was paid to Social Security for the $120 million. The amount that Social Security is supposed to be paid is six hundred and ninety-seven thousand ($697,000) per month, but they were paying two hundred thousand ($200,000), less than one-third, to service the debt, and in addition to that the last time anything was paid was January 2022.
This is the people’s money- public funds. Thankfully, the SKNLP Administration has been working diligently to address this financial mismanagement and rectify it.
#FinancialTransformation #PublicAccountability #steadfastresolve #ANewDayABetterWay
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