Philipsburg:--- The Minister of Finance Roland Tuitt announced on Wednesday during the Council of Ministers' press briefing that the government of St. Maarten is seeking to obtain a loan from the Central Bank. Minister Tuitt said St. Maarten is seeking to borrow Naf. 100,000,000. Tuitt said the process started already and they are hoping to complete it soon but one of requirements for St. Maarten to borrow money is that they have to get an approval from the CFT. The Finance Minister said that the CFT has ensured that the amount St. Maarten is borrowing is under the limit they are allowed to borrow. Government Intends to Privatize Study Financing.
The Minister of Finance also announced that the government of St. Maarten is looking into privatizing Study Financing. He said he already discussed the matter with the Minister of Education. He further explained that if study financing is privatized the government of St. Maarten will save money. "The intention is to make study financing a "revolving fund", meaning that the monies that are paid back by students who obtained study financing will be deposited in this fund and the government of St. Maarten would not have to find a lump sum of monies each year for students that are granted study financing. The Finance Minister said that government is working on this project and as soon as it is approved by the Council of Ministers then Study Financing will be privatized.
COLA Payments Made.
Minister of Finance Roland Tuitt said on Wednesday that the COLA payment for the year 2010 was paid on Tuesday July 31st, 2012. Tuitt said the monies were deposited in the banks on Tuesday. Tuitt said government is now looking at the schools because those that gets subsidy will receive extra for the COLA payments. He said the department of Finance is busy working on the school subsidies and it will soon be finalized.