Perry Geerlings.
~ NAf. 20 to 25 million in country’s coffers ~
PHILIPSBURG–“Shaky grounds” was the description used by caretaker Finance Minister Perry Geerlings to describe the country’s current financial situation.
Geerlings said St. Maarten has just about NAf. 20 to NAf. 25 million in its coffers, which is not very healthy. “I will not be able to give you the exact figure, but it should be close to NAf. 20 to NAf. 25 million at this point [that government has – Ed.], but it’s not sufficient because if you want to run a stable, secured, operational expense type of financial management, the desire would be to have at least three months of income readily available in the banks,” Geerlings said in response to a question from The Daily Herald on the liquidity situation of government.
“From that perspective, I would say if we can get our NAf. 40 million capital expenditures loan finally approved, and the third quarter liquidity support finally in, then we would be able to continue beyond December and January, but right now I am not so sure, but I don’t want to stir up things too much.”
He reminded that in 2020 the country will still have a deficit. “We are still on shaky grounds.”
He said although cruise vessels and aircraft with visitors are entering the country, businesses are “making money,” the economy is growing and the island “looks busy,” it is a challenge financially as debts have to be “taken care of” and funds are not available to freely spend. “It is a challenge. And it will continue to be a challenge for the incoming government and for any government afterwards until at least 2022 to 2023,” he said. “… Liquidity-wise right now it is shaky grounds.”
Source: The Daily Herald https://www.thedailyherald.sx/islands/92462-geerlings-we-are-still-on-shaky-grounds-financially
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