PHILIPSBURG:--- I am closely monitoring international developments that could impact St. Maarten financially, resulting in runaway inflation,” said Minister of Finance Marinka Gumbs.
“I therefore intend to bring the matter up with my colleagues in the Council of Ministers so that we can have a concerted plan to mitigate such possible negative effects,” said the Minister.
The statement issued by St. Maarten’s Minister of Finance was in response to the ongoing international conflicts that some consider to be a virtual trade war involving the US, Canada, Mexico, China, and countries of the European Union.
“The idea is for us to establish an Emergency Task Force comprising of representatives of the Chamber of Commerce and Industry, the banking sector, SHTA, the Ministry of Tourism, Economic Affairs Traffic and Telecommunications, TEATT, and the Ministry of Finance,” Minister Marinka Gumbs said.
The Minister explained that this Task Force will develop concrete recommendations on how St. Maarten can navigate the impending crisis successfully. She further added that outside consultants could assist the Task Force with experience and expertise in handling international emergencies such as 9-11.
According to the Minister, since St. Maarten imports most of its goods from the US, St. Maarten must consider joining the rest of the Caribbean in seeking alternative solutions in areas such as shipping and the supply chain to avert the disastrous effect the tariff war between the US and its neighbors, as well as China, could have on our island.
“We must act quickly and proactively on this matter and explore all the possibilities available, such as intensifying trade with countries within the region and beyond.
This situation—which is not of our own making—could have a similar effect on our coffers as a hurricane. We should, therefore, not be caught napping but put plans in place as we do in the case of an approaching storm to lessen the impact,” Minister Marinka Gumbs said.