Parliament approves loan authorisation

PHILIPSBURG–Parliament unanimously approved Thursday afternoon the authorisation for Finance Minister Michael Ferrier to sign an agreement with the Dutch Government for an interest-free loan of NAf. 50 million to boost the country’s flagging liquidity position.

Ferrier is in the Netherlands along with Prime Minister Leona Romeo-Marlin to complete the agreement and continued discussions on the disbursement of the 550 million euros in Dutch Hurricane Recovery Aid.

The NAf. 50 million loan is not related to or will be deducted from the hurricane recovery aid.

The loan, together with the reallocation of NAf. 21 million remaining from a capital expenditure loan, will be used to service the NAf. 66-million deficit for 2017. A budget amendment has to be tabled by government for the reallocation of the capital expenditures funds.

Source: The Daily Herald