The analysis of the Social Security reserve funds continued this Friday in an extensive session that concluded the second block of Project 163. This project reforms the Organic Law of Social Security and addresses the topic of IVM. It is anticipated that on Monday the last block of discussion will begin in a week that is expected to be intense, with the Retirement Age as the central topic.
It has been assessed that up to 90% of the reserves of the public security entity will be directed to investments through the state bank, while 2% will be allocated to private agencies. Milciades Denis, Deputy Manager of Finance and Treasury of the BNP, pointed out that adjustments have been made to the interest rates negotiated with the CSS, which exceed 5% for 10 years and are subject to negotiations with the bank's board of directors.
The closing of the second block of Project 163 revealed that Social Security has around 11 billion in funds in the state bank, according to Dino Mon, Director of the CSS. These funds comprise various programs, bonds, and state securities. However, the exclusive defined benefit subsystem does not have reserves.
During the session, there was also discussion about the assets managed by the National Bank and the viability of having funds in private investment agencies. It was established that payments to the CSS will be made promptly and electronically for individuals and legal entities, with the aim of optimizing revenue collection efficiently and transparently.
Regarding the portfolio of the National Bank, it is highlighted that 85% of the funds come from CSS deposits allocated to the private sector, reaching about 7.1 billion dollars last year. Mostly, these resources are assigned to the most vulnerable sectors of the population that do not have access to private banking. Among the allocations are loans for housing, personal loans, as well as support for retirees, pensioners, and sectors like agriculture.
The deputies have emphasized the importance of improving medical care, the supply of medicines and supplies, reducing waiting times for specialized appointments, and creating a coherent health system throughout the country. There is also a push to increase the number of specialist doctors to meet the demand of the insured and improve the efficiency of the current health service.
After the closing of this block, Deputy and President Dana Castañeda declared a recess until Monday at nine in the morning, when discussions will resume with the third and final block of reforms to the CSS, which will address the model of Disability, Old Age, and Death.
