FINANCE

Council approves Social Security plan to invest in bonds

Temas:

The Cabinet Council today approved a decree which authorizes Social Security to invest in securities issued by the government on local and international markets.

The decree is in accordance with the agency's annual plan regarding financial investments for 2015, informed the Secretary of State Communication.

These investments are expected to contribute to the sustainability of the agency's long-term commitments within reasonable parameters of performance and risk.

The decision comes a few days after President Juan Carlos Varela requested the removal of a legislative initiative that established a five-cent per liter increase in gas taxes to pay for a pension increase for Social Security recipients.

In other business, the council heard reports from Maritime Auxiliary Services Deputy Director Guimara Tuñón on the status of concessions in Amador and from National Institute of Culture Director Mariana Núñez on the current state of the City of the Arts project.

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