St. Martin News Network - St. Maarten still doesn’t know what part is a loan or what is grant from the money allocated to the country.

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Minister of Finance Michael Ferrier. (File Photo)

PHILIPSBURG:--- Interim Minister of Finance Michael Ferrier announced at the Council of Ministers press briefing that the government of St. Maarten still does not know what part of the 550M allocated to St. Maarten is a loan and how much is considered a grant. Ferrier said that the country would prefer to have the entire amount as a grant instead of a loan. He said persons from the World Bank are currently on island and discussions are ongoing.
The Interim Minister said that liquidity on St. Maarten remains a problem. He said that his Ministry has been looking at the Moody rating and one of the things that will be needed to maintain the country’s rating is liquidity. He said a request has been made for liquidity which he said will come from the 550M. Besides seeking liquidity the interim government is looking to reduce government’s cost, one being the turning off of lights at the Government Administration Building at nights.
As for the budget 2018, Ferrier said that preparation is being made to complete the budget and send it over to the Council of Advice. He said that his projection remains March 1st where the budget will be taken to parliament. He said that COM approved the budget but it has a deficit of 255M. He said that the Ministry already sent a letter to the Kingdom Council of Ministers requesting that they allow St. Maarten deviate from the non-deficit budget for 2018. Ferrier said he is hoping that an instruction will not be imposed on St. Maarten.

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