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Belize

Chairman Says S.S.B. is Not Broke

Jun 18, 2019

Chairman Says S.S.B. is Not Broke

Douglas Singh

According to the opposition party, the people’s money has been pumped into projects and investments which it claims are unjustifiable. The P.U.P. is charging the C.E.O. of politicization of the S.S.B. and claims that the S.S.B. has been infiltrated by the U.D.P.  The release says that, “These are people who have made millions under the U.D.P. and preside over an organization which is now telling the people that it is broke, so they must reach deeper into their pockets. It is as if the people of Belize are now locked in an asylum where the lunatics run things.”  But Chairman Douglas Singh says that the P.U.P. should be the last party to proffer criticism because all the “hits” that the S.S.B. has endured was under a P.U.P. government.

Douglas Singh, Chairman, Social Security Board
“I need to make it clear that the Social Security is not broke. In fact it continues to be the largest fund in Belize. The Fund has been consistently growing under the U.D.P. government from two hundred and seventy two million dollars in 2008 to four hundred and fifty nine million dollars in 20018 which is a sixty nine percent growth in ten years. This is all due to the prudent management of the Investment Committee and the Board of Directors. The investments have been prudently down, reviewed, managed and implemented. So much so that today the investment portfolio at the Social Security is at ninety nine point four percent performing. This growth is in spite of the hits that have been taken at Social Security on program and projects such as the mortgage securitization, the Galleria Maya, the Intelco. So despite these hits that have been taken on the books at S.S.B. most of which were taken during that period there still has been this level of growth. I need to point out that those hits were not under a U.D.P. administration. It was under the P.U.P.’s administration. Of all the parties that have something to lose in making this kind of noise is the People United Party because all the losses that were made as a result of bad investments happened under their administration. So they do not have the moral conviction to be making these kinds of statements.”

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