PM discusses SSB and BEL
PM
Musa might have only been back in Belize for a few hours when he met with
members of the press on Monday but he had been well briefed on matters
making headlines during his absence. One such story was the Social Security
Board’s proposed package of reforms and more interestingly, its investment
portfolio.
Prime Minister Said Musa
“Questions have been raised about the investments made by the Social Security’s investment committee. I believe that the matter should hang out. People should have an opportunity to analyze every investment. I do believe that once this is done, it will be found that these investments are sound investments, that the Social Security is making more money from the investments than they would if the money was just sitting sterilized in the Central Bank or sitting in a bank with a very low fixed deposit rate of interest. I think we need to tell our people very frankly that good business sense dictates that a lot of that money should be invested in, if you like, solid or what the Americans would call blue chip investments. But we wanted it invested in Belize. Why should we take our money and go and help businesses in the United States or in England? We have to help the Belizean people to develop. And if you look at the portfolio of investments, you will see that there are a lot of investments going into the fishing cooperatives, the credit unions, so that they can have money to lend to their members. In tourist ventures that we believe are solid investments, that in case they default, properties can be sold and the money easily recovered. So I have no fear that once this all hangs out in the open, and discussed fully, people will be satisfied they are good investments.”
During his date with the press, the PM also disputed claims made by the UDP last week that through the power purchase agreement, GOB would have to foot the bill, if BEL didn’t pay up to BECOL.
Prime Minister Said Musa
“GOB will look to BEL, Fortis, the owners and say, you pay, if they are found liable. But they maintain and perhaps they do have a good case for saying that no such funds are due and owing to BECOL and that is a matter, perhaps it will end up in court, we don’t know. But I think that we should let the thing take its course. The important point is this, the Government of Belize will not be required to pay on any guarantee. We have a clear understanding with BEL about that. If BEL if found to be liable in any way, they will have to meet that bill, not the government of Belize.”
