Shoman: Social Security expects to recover D.F.C. debts

And while Central Government wrestles with the disparity between revenue and expenditure, the Belize Social Security Board is trying to recover some delinquent loans and a good deal of lost prestige. Today at a ceremony at which the S.S.B. donated funds to some worthy causes, Board Chairman Yasin Shoman told News Five that despite recent negative publicity, the Social Security fund is strong and the public’s money safe.

Yasin Shoman, Chairman, S.S.B.
“The truth is that the fund is very safe. The perception out there in the public is totally different. There is a Senate investigation committee that has not wound up its affairs; I feel confident that when they do and they make their decisions public the people on the street will be satisfied that the Social Security fund is safe. And it will be there for the people that are insured need it, whether it be fifteen, twenty or thirty years from now, the fund is safe and it will be there for them.”

Stewart Krohn
“Apart from the issue of whether the fund is safe or not, because that is certainly a question of how you define safe. Certainly as Chairman, you can’t be happy with the massive level of default by D.F.C. What steps is S.S.B. taking, (a) to recover its monies and (b) to make sure that kind of thing doesn’t happen again?”

Yasin Shoman
“Well that really depends on whether you look at the D.F.C. default as something that is permanent. I think they are taking steps to restructure what they have in place, I can tell you that only two days ago they made a substantial payment, half a million dollars, towards their loan account, and we have promises from the present chairman that they will continue payments making on their account.”

Stewart Krohn
“So you are not writing off those loans to D.F.C. by any means?”

Yasin Shoman
“Absolutely not, absolutely not. Their current interest continues accruing on them and we feel confident that given time we will be paid in full.”