OPPOSITION DEMANDS INVESTIGATION ON SSB MORTGAGE DEBT PROGRAM
OPPOSITION DEMANDS INVESTIGATION ON SSB MORTGAGE DEBT PROGRAM
In his New Year message, Prime Minister Dean Barrow announced that Government would
“purchase all mortgages of 50 thousand dollars and under, owned by the Belize Social Security
Board” According to Barrow, these mortgages were about 780, with “a total aggregate value of
17 million dollars”. The intention is that GOB will “thereafter write off these mortgages,
forgiving the householders all of their loan obligations, and putting that money at their disposal
to spend on the economy and generate more activity”.
The People’s United Party is informed that it is not just householders with mortgage loan
obligations who will benefit. Purportedly, the CEO of the Social Security Board (SSB), Ms.
Bailey Martinez has obtained a loan from the SSB staff program which has been reduced in order
to benefit from the GOB mortgage write off program. Furthermore it is alleged that certain
“select” members of staff of the SSB have obtained loans at commercial banks and other lending
institutions in Belize, to pay down these mortgages, to take their balances below $50,000 in order
to benefit as well.
It is further alleged that these select members of staff of the SSB have been promised that once
the balances of $50K (and lesser amounts) are forgiven by GOB, these same staff members will
be facilitated with SSB staff loans to pay back the commercial banks; so as to be able to pay at a
concessionary rates on any monies still owed.
Prime Minister Barrow has said on local media that the intention is to write off mortgages
thereby “relieving the holders of their obligations” and “putting more money in the hands of
those who need it most”. If this program was ever meant to help struggling Belizeans, then what
it is alleged is happening at the SSB, could only be described as a travesty.
The “Friends and Family” plans coupled with the “Feast or Famine” approach of this UDP
administration is bankrupting our nation, morally and fiscally; and Belizeans deserve better.
On behalf of the people of Belize, as the constitutional Opposition, the PUP demands an
immediate investigation of the entire scheme of SSB mortgage debt write off.
We call upon those Board members of the SSB, especially those representing the Private Sector
and the Trade Unions to speak out on this matter and to join our call for answers on this serious
and burning issue. As fiduciaries of the monies of thousands of Belizean contributors, all Board
members of the SSB are responsible - and liable - for the management of those monies including
how that hard-earned money is spent.
