Social Security Board can fund VI Scholarships - ‘Sheep’
Mr Smith via a release today, January 30, 2019, is adamant that the board has the capacity to fund the initiative since it already has the funds available.
“On January 26, whilst speaking in Capoon’s Bay, I made a statement proposing the funding of academic scholarships by the Social Security Board. I do understand why this may have caused some alarm but I assure you that its viability is quite possible without further overextending our Social Security Board,” Mr Smith said in the release.
Capacity Available
According to him, as part of the Social Security Board’s Investment Policy, the Board has the capacity to invest about 10% to 20% of the Social Security Reserve Fund into the local economy.
“To date, the investments being utilized through the Investment Policy and being requested by the Government of the Virgin Islands, have mostly taken the form of large scale infrastructure, road works and capital development financing,” he said.
He says, however, in January 2017, the Board reported that given the pressures on interest rates and returns on investments, they would look at alternative investment strategies that would increase returns while stimulating the economy.
On strategy was the facilitation of the design and construction of 43 residential units at Joe’s Hill in the Road Town area.
The Board explained that the investment project would stimulate the economy through the creation of hundreds of jobs and the circulation of money throughout the economy by the ‘multiplier effect’.
Alternative Strategy
“My proposal simply explores another alternative strategy for the utilization of a portion of the funds accessible through the Social Security Board’s Investment Policy to be used towards the people of the Virgin Islands,” he uttered.
Smith says the idea is not new nor speculative, “In January 2018, the Social Security Board offered scholarships to the Government of the VI to train locals in the health services following the outcry for much-needed assistance post-hurricanes, Irma and Maria.”
According to him, the Director at the Board, however, stated that the offer was turned down, but mentioned that the Social Security Board had revised its scholarship policies.
“Therefore, while it is important for the Territory to invest in our infrastructure, the investment in human capital is imperative for the Virgin Islands to move forward and without it, I find it difficult to envision a prosperous and innovative Virgin Islands,” Mr Smith noted.
He said it is clear that investing in the education of Virgin Islanders is the best mechanism to ensure that we have a skilled and well-educated workforce.
20 Responses to “Social Security Board can fund VI Scholarships - ‘Sheep’ ”
The Virgin Islands has lost enough on scholarships/assistances to non returning students.