Council of Ministers approved 2018 budget

PHILIPSBURG, St. Maarten - On Tuesday, August 29th, the Council of Minister unanimously approved the 2018 budget. The Council of Advice as well as the CFT has also lent their voices to the financial plan of the country.

For the first time, the budget will be presented to the Parliament of St. Maarten in a timely manner, as is prescribed and required by the constitution of St. Maarten. That is according to Minister of Finance, the Honorable Richard Gibson Sr.

Speaking at the Council of Ministers press briefing on Wednesday morning, the Finance Minister indicated that Tuesday afternoon, the Prime Minister signed the formal submission letter for the budget, which has since been delivered to the Governor for submission to Parliament.

According to Minister Gibson Sr. the 2018 budget will be the third consecutive balanced budget that the current government has produced.

“With budget 2018, the last tranche of deficits buildup since 10-10-10 will be paid off. Publicly, the CFT has already stated St. Maarten finances are back on track,” Minister Gibson Sr. said, adding that this historical accomplishment was not easy, whilst referring to the challenges.

“It took sacrifice. It took dedication and hard work,” he said. It is against this backdrop that Mr. Gibson also said this could not have been accomplished without the full cooperation of the Prime Minister and all the Ministers of the government.

The Finance Minister also made reference to the dedicated service of civil servants of all the ministries, and in particular, the Ministry of Finance, who had to continuously endure his continued demand for fiscal disciplines, timeliness and professionalism.

“You will recall recently that St. Maarten got approval for 21.6 million guilders for capital expenditures and that bonds have been floated for that 21.6 million guilders and the interest rate on these bonds will be 0.83%,” the Minister asserted.  

Rate this item
(0 votes)

Comments   

0 #1 Howard 2017-09-13 18:06
Thanks for finally writing about >Council of Ministers approved 2018 budget
Quote

Add comment

Security code
Refresh

International News

Go to top