SSB wants to invest in projects
The Social Security Board says it wants to invest in meaningful projects. That’s according to its Chief Executive Officer, Deborah Ruiz. Projects like the one with Good Stays Hotel and the Hol Chan Reserve are expected to bring good returns for the board so that it can continue to offer critical services to contributors at various points in their lives. Here’s how she put it during a press encounter this morning.
Deborah Ruiz, Chief Executive Officer, Social Security Board: “In terms of the 99% that is terms of repayability that the loans are in fact being paid on a monthly basis. What is a challenge for us finding new investments. The investments are performing but we need new investments in order to sustain the long term funds. We’re not where we need to be because of the inflation if we’re getting our money we’re very liquid unfortunately I must say because we need viable investments. We have over $100 million dollars to invest so we’re seriously looking for projects and trying to see how we can make this money work better for us. Sitting in the bank earning 2.5% is not doing us any good so we need to invest that money in order to turn it around and that is where we’re falling short. We need to invest the money to get bigger returns because if we get 2.5% and we have inflation it negates everything you’re basically ending up with zero and in order to not go back to the Belizean people for a rate increase we need to put the investments to work. So people out there who have viable projects please talk to us and see how we can work together to grow the economy of Belize by investing in projects.”
Ruiz added that of all the loans that the SSB has offered, only three are non-performing. There are efforts underway to address those facilities at this time.