Decision taken based on an Advice from the CFT
PHILIPSBURG: --- The Kingdom Council of Ministers voted on a decree to officially place a financial instruction on St. Maarten based on an advice they received from the CFT in June 2015.
The instruction basically calls for St. Maarten to settle its arrears with APS and SZV while the country must increase its pension age to 62 years on a short term.
The Kingdon Council of Ministers has decided to place an instruction on St. Maarten in order for the country to bring its 2015 budget and multi-year plan in order.
The Kingdom Council of Ministers is following the advice of the Financial Supervision Curaçao and Sint Maarten (CFT).
Sint Maarten must take action to reduce the arrears amounting to at least ANG 189 million road and offset the shortfall from previous years of at least ANG 60 million in the period 2015 to 2018. The country has also make its spending on pensions and health care realistic in the 2015 budget process and take steps to make the health system sustainable and retirement for the future.
These measures should be recorded in a budget amendment which should be set for not later than October 31, 2015. CFT will assess whether the budget amendment and proposed measures are sufficient. For a sustainable health care system and old age pension St. Maarten got until the end of 2016 to implement the necessary measures.
The Kingdom Council of Ministers considers it necessary to give this designation now. St. Maarten has been given ample time to take action, but despite promises always failed. The designation aims to prevent further financial problems for the country.
Click here to read the decision taken by the Kingdom Council of Ministers on Friday.
