By Belize Live News Staff: The Social Security Board (SSB) is facing renewed scrutiny over its investment strategies as it seeks to grow its fund amid increasing demands from an aging population. SSB CEO Leroy Almendarez emphasized on Thursday that interest income from carefully vetted loans is one of the most effective ways to achieve this growth.
Addressing criticisms that surface whenever SSB announces potential loan investments, Almendarez clarified that such loans are not “giving away” the fund’s money. “A loan is approved with an interest rate, and it is tied to earning interest income. These loans are fully collateralized to protect the fund,” he explained.
Almendarez also reassured the public that all proposed investments undergo rigorous scrutiny, first by an Investment Committee and then by a multi-sectoral board, before any decisions are made.
The CEO highlighted that simply leaving the fund in the bank to earn a minimal return of 1-2% is not sustainable, particularly given the increasing demand for social security benefits. Instead, strategic investments are essential to ensure the long-term viability of the fund and meet future obligations.
This statement comes as SSB continues to defend its financial strategy in the face of intense public scrutiny and social media backlash over its loan proposals.
