Country St. Maarten 2011 Budget gets positive advice from Cft

POSTED: 04/14/11 11:59 AM

St. Maarten – Finance Minister Hiro Shigemoto received formal communication from the Board of Financial Supervision (Cft) on Wednesday afternoon that the first country St. Maarten 2011 budget has received a positive advice. That means it meets the norms of the Kingdom Law regarding financial supervision for Curacao and St. Maarten.

“Much energy and effort has gone into resolving the 130 million guilder deficit left behind by the previous administration under the Island Territory of St. Maarten. We have managed to clean up the mess left behind and now we can make our way towards a healthier financial administration by constant improvement. This government has been able to bring down that deficit to zero and present a balanced budget for the people of our country. We look forward to working with the Cft, but also with the other ministries in developing a better budget for 2012.”

The Minister added, “The Cft has given advice on areas that need improvement and we will be focussing on those when preparing the 2012 budget based on the requirements as per the Kingdom Law on Financial Supervision. Government can also now move forward in focusing and placing more emphasis on the national issues of great concern to the people of our island. Once again, I would like to thank the staff of the Ministry of Finance and those of the Department of Finance for their tireless efforts in this process of balancing the 2011 budget,” Shigemoto said on Wednesday.

The 420.9 million guilder budget is 23.5 million less than the one that was approved by Parliament on December 23, 2010. The amount at that time was 444.4 million guilders.


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