Interim Finance Minister Ardwell Irion.
PHILIPSBURG–The 2020 budget is one step closer to becoming a reality, as it was submitted to the Committee for Financial Supervision CFT on Wednesday, January 22. This was confirmed by interim Finance Minister Ardwell Irion in a press release on Sunday.
According to Article 11, Section One, of the Kingdom Act Financial Supervision for Curaçao and St. Maarten, the CFT will render its advice regarding the draft budget to the Council of Ministers within 14 days of submission. This advice is expected on February 5.
Irion could not be reached on Sunday evening for a comment regarding the total amount of the draft budget and the portions to be received by each ministry.
“The Council of Ministers will address the advice on the draft budget rendered by the CFT and, once approved, submit the draft budget to the Council of Advice, which will give its advice on the draft budget within six weeks. However, government may request the Council of Advice to handle the advice with urgency and provide its response within two weeks,” according to the press release.
According to the Finance Ministry, when the Council of Advice’s response is returned, government will address the advice in a so-called “Nader Rapport” (in English, further report) indicating the parts of the advice that are to be taken and those that are not to be taken. The report will also explain the rationale behind these decisions.
The draft budget and the further report will then be approved by the Council of Ministers and submitted to Parliament through the office of Governor Eugene Holiday.
In the final step for its approval, Parliament will receive the draft budget and the advices of the CFT and the Council of Advice.
Source: The Daily Herald https://www.thedailyherald.sx/islands/draft-2020-budget-submitted-to-cft