Opposition member Tracy Panton questions $7 million Social Security Board loan to pharmaceutical company

By Benjamin Flowers: The Social Security Board is proposing to lend $7 million to a pharmaceutical company called Pharmacy Express, and opposition member Tracy Taegar-Panton has questions.

Panton took to Facebook to raise concerns after SSB issued a notice that it is proposing the loan with a decade life span, as per Section 49 of its investment framework.

“As a person insured with the SSB, I would like to know who is Pharmacy Express Ltd and why is it the SSB is lending them $7 million dollars of our hard-earned contributions to the fund for refinancing and inventory purchases? The term of the loan is for a period of 10 years, can someone from the Investment Committee disclose the interest rate?” Taegar-Panton said.

The SSB noted that principal and interest payments on the loan will be made monthly on the declining balance.

Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Belize ~ We offer fully customizable and flexible digital marketing packages. Your content is delivered instantly to thousands of users in Belize and abroad! Contact us at mаrkеtіng@brеаkіngbеlіzеnеwѕ.соm or call us at 501-612-0315.

© 2022, BreakingBelizeNews.com. Content is copyrighted and requires written permission for reprinting in online or print media. Theft of content without permission/payment is punishable by law.