PHILIPSBURG:--- In a move to rejuvenate St. Maarten's economy, Democratic Party (DP) Member of Parliament Viren V. Kotai is exploring the introduction of infrastructure bonds. This initiative aims to tackle the island's economic challenges head-on and benefit its citizens substantially. In light of Moody's downgrade of St. Maarten’s credit rating to Ba2, MP Kotai underscores the necessity for innovative and practical solutions that yield real results for the people of St. Maarten.
"Modern infrastructure is a magnet for international investment and tourism, enhancing our global reputation and economic outlook. Infrastructure bonds offer citizens a stable and attractive investment opportunity," stated MP Kotai. "These bonds will serve as a secure investment vehicle, ensuring broad participation and benefit across our community."
MP Kotai plans to actively engage with the directorate of the Central Bank of Curacao and St. Maarten to discuss this initiative. "Our bank is a crucial development partner. I am committed to establishing a strong relationship to transform St. Maarten into the envy of the Caribbean once again," Kotai added.
MP Kotai has requested an exploratory meeting with the Central Bank to assess current economic measures, strategize the implementation of infrastructure bonds, and outline a long-term plan to restore a robust international credit rating.
By funding critical projects such as roads, schools, and upgraded utility services, these bonds will stimulate economic activity and create jobs, thereby fostering a resilient economy. "Upgrading our infrastructure is essential for ensuring reliable and safe public services, which in turn enhances the quality of life for all citizens. Additionally, infrastructure bonds can support green projects, promoting sustainable development," Kotai explained.
MP Kotai believes that investing in these bonds allows citizens to contribute directly to their community's development, instilling pride and a sense of accomplishment. These bonds are designed to be accessible to both local and foreign investors, ensuring widespread participation and benefit from national growth.
Addressing concerns about the Ba2 rating, MP Kotai acknowledges the challenge but proposes concrete solutions to restore confidence: "Involving the entire nation in our growth is crucial. Previous governments have failed to deliver on promises of affordable housing, resorting to empty rhetoric rather than tangible action. Real nation-building means engaging all citizens, not just a select few. Infrastructure bonds empower St. Maarteners to invest in their future, keeping money within our economy and benefiting everyone."
"While other parties have offered lip service and empty promises, the Democratic Party is dedicated to delivering real solutions," affirmed MP Kotai. "Infrastructure bonds are a practical and effective way to address our nation's needs and ensure every citizen can share in our progress."
Encouraging widespread investment in infrastructure bonds ensures extensive benefits. This approach keeps funds within the local economy and benefits a broad population segment. By allowing locals to invest and benefit from tax incentives such as tax write-offs and untaxed bond sales while applying a capital gains tax to foreign investors, wealth is retained within the country, supporting long-term economic stability.
"Twenty years ago, we were financially more secure than today. It's time for innovative solutions that involve our citizens in nation-building. Infrastructure bonds present a win-win situation for our economy and our people, fostering pride and financial security," concluded MP Kotai.
