The restructured Cabinet will meet in its first full working session tomorrow for a full review of Social Security's affairs. Social Security's General Manager Narda Garcia is expected to lead a presentation which will detail the board's varied investments. We went through many of those last week and concluded most alarmingly that the DFC has not serviced any of its $49 million in debt since July of last year. Garcia might also be expected to defend Social Security's latest intended land acquisition.
As we have reported, in June, government offered the board two thousand acres of undeveloped land in Northern Ambergris Caye. 7NEWS has obtained copies of the letters between Financial Secretary Hugh McSweaney and SSB General Manager Narda Garcia. On June 23rd, McSweaney wrote Garcia offering 2,000 acres of land for $7 million. It's an offer the Social Security Board seems to be taking seriously because on August 4th Garcia wrote Lands Commissioner Armin Cansino requesting permission to survey the land.
We could not confirm if since then Social Security has purchased the land but, customarily, intent to survey is followed by intent to buy. If they have bought, or will buy, it would again be viewed as another questionable investment. Questionable because land speculation particularly on undeveloped, swampy land without any beachfront property hardly comprises the type of sound investment strategy that the Social Security Board should pursue with your money. But of course, prudent money management is not the first consideration in this case: government offered the land because it desperately needs a cash bailout for pressing external commitments due this month.