CFT asked for advice on 2018 draft budget

POND ISLAND–The Kingdom of Council of Ministers has asked the Committee for Financial Supervision CFT to issue a “specific advice” on St. Maarten’s draft 2018 budget.

The advice will focus on Article 25 of the Kingdom Law on Financial Supervision, which calls for the country to present a balanced budget, not one with a deficit. However, after the devastation of Hurricanes Irma and Maria in September 2017, Government’s revenues have been hard hit by closed businesses and reduction of cruise and stayover visitor numbers.

Finance Minister Mike Ferrier said in the Council of Ministers press briefing this week that the Kingdom Council is “awaiting” CFT’s advice on the budget.
“We can only wait. We are stuck between a rock and a hard place. Everyone knows the need” of the country, Ferrier said.

Meanwhile, the process to amend the 2017 budget to reflect the impact of the two hurricanes is in the “final stages.” The Kingdom Council has agreed that it can have a deficit, an exception to the balanced budget clause of the Kingdom Law on Financial Supervision. The revised budget now needs to be approved by the Parliament of St. Maarten.

Source: The Daily Herald