~Liquidity support 2019 becoming a reality.~
PHILIPSBURG – Current and previous Ministers back initiative to support island recovery with a ten percent salary cut. The Minister of Finance, Ardwell Irion sought and received the support from his colleagues in both the Parliament of St. Maarten and the Council of Ministers.
The Minister of Finance presented his colleagues with the initiative as far back at February, that expressed solidarity with the people of St. Maarten by the top officials of the country. All signatories agreed that legislation will be established to regulate the contribution towards the pension of political authorities and that as of April 1st, 2020 political authorities, pending the formalization of the legislation as mentioned in the previous point, the salary cut will go into effect. Together with the approval of the 2020 budget all requirements to receive the 2019 liquidity support will be met.
Taking into consideration: that after the destruction by hurricanes Irma and Maria, our country is in the process of rebuilding; that resources necessary to rebuild are scarce; that national and international efforts made towards rebuilding the country are recognized; that the political authorities recognize the need to seek alternative solutions to funding the recovery and rebuilding efforts; that one such alternative is found within a pension regulation for political authorities of which the benefits are charged to the budget of the country.
