By: Omar Silva, NP Staff Writer

Belize City, Thursday: 16th March 2023

The Social Security Board (SSB) has come under fire from some quarters over its decision to grant a $3.5 million loan to the Hol Chan Marine Reserve, an NGO that focuses on the protection of marine life and habitats in Belize. Critics have accused the board of lending out workers' money for a frivolous project and expressed concern that Hol Chan may not be able to pay back the loan.

However, the CEO of SSB, Deborah Ruiz, has defended the loan, stating that Hol Chan approached the board with a proposal to address the problem of sargassum in the waterfront areas, which has been a significant issue for tourism. She noted that the viability of the project is tied to tourism numbers, which have been rebounding, and that Hol Chan has provided collateral and put in place internal controls to ensure repayment.

Ruiz also highlighted the challenge the board faces in finding new viable investments to sustain the long-term funds. Sitting on a large amount of money earning a low rate of return is not sustainable and may not meet the needs of the workers who depend on the Social Security funds for their retirement and other benefits.

It is worth noting that the Social Security Board has mechanisms in place to ensure that workers' interests are represented. The board is composed of representatives from workers, employers, and government, and it is accountable to them for its management of the funds. In addition, the board regularly publishes its financial reports and holds public consultations on its investment strategy. These are opportunities for workers and other stakeholders to provide input and feedback on the board's performance and decision-making.

While it is understandable that some may have concerns over the loan to Hol Chan, it is important to consider the broader context of the board's responsibilities and challenges. The SSB has a responsibility to manage the funds entrusted to it by workers and ensure their long-term sustainability. This includes investing the funds in viable projects and managing them responsibly to generate a return on investment.

While there may be controversy over specific loan applications, the Social Security Board has a responsibility to manage the funds entrusted to it by workers in a responsible and sustainable manner. It is important to consider the broader context of the board's responsibilities and challenges, and to engage in constructive dialogue and feedback to ensure that workers' interests are represented in the management of the funds.