And while we had the opportunity to speak with John Saldivar, we asked him about Government selling off $55 million dollars worth of its shares in BTL and BEL.
Social Security Board’s Investment Committee is recommending that SSB purchase 40 million dollars worth of BEL’s shares, and 15 million dollars in BTL shares. We’re told that the Union’s Representative on the Investment Committee voted in favour, but the representative from the Chamber of Commerce abstained.  For Social Security, which is banking money at low interest yields, the 6 to 8% returns from the utilities is straightforward enough. And for government, it is even more so, because GOB really needs the cash. But today, when we asked Minister Saldivar about it, he told us that it hadn’t been brought to Cabinet yet:
Daniel Ortiz
"As a member of cabinet do you know anything of this, has it been discussed at the cabinet level?"
Hon. John Saldivar - National Security Minister
"Not officially no; it has not been discussed officially with us but I know that in the past we've done that, we've asked the Social Security Board to participate with us in these investments and it is not out of the ordinary."
Daniel Ortiz
"Sir the immediate criticism coming forward it is somehow proof positive that the financial outlook for Belize is starting to become grim."
Hon. John Saldivar - National Security Minister
"I think it has been no secret that the Petro Caribe programme has slowed down significantly that was a main source of our funding for the various infrastructure and other projects that we've been doing. So with that no pretty much drying up government's financial situation is not as robust as it used to be and certainly we have to look to other avenues now to find funds to continue to do our development programmes and so if we can have that assistance from the Social Security in terms of buying our shares that will give the government some much needed funds."
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