Social Security Board Defends $20 Million Loan Amid Opposition Criticism

The Social Security Board (SSB) says that contrary to comments made by Opposition Senator Michael Peyrefitte, its’ 20 million dollar loan to the Development Finance Cooperation is justifiable. During Monday’s special sitting of the Senate, Peyrefitte objected to the loan motion and stated that there was no need for the government to seek funding from the SSB and questioned the viability of the loan given the DFC’s past. Chief Executive Officer of the SSB, Deborah Ruiz, says, however, that the SSB has ensured guardrails were set in place to ensure the loan is repaid. Ruiz also stated that it is a part of the SBB’s mandate to seek loan opportunities. 

The loan motion was ratified in the Senate this past Monday.