PHILIPSBURG--Government will soon try access some NAf. 20 million of its share of the cash assets of the former Netherlands Antilles as a means to boost the 2011 Budget that had a deficit of NAf. 45 million, based on the calculation of the Committee for Financial Supervision CFT.
Prime Minister Sarah Wescot-Williams said a letter would be sent to the government of Cura�ao and the Central Bank of Cura�ao and St. Maarten about the advance. She explained that the advance would come from "actual cash" in the Central Bank that had been earmarked to pay off the former Netherlands Antilles islands for immovable properties in Cura�ao.
The request for NAf. 20 million could change to more or less, depending on decisions of the CFT, according to the prime minister.
The execution committee for the Division of Assets and Liabilities has not yet been formalised, as not all members are in place. Without the committee fully functioning, the allocation of assets cannot move forward. St. Maarten's representative on the committee is tax expert Jean James.
Finance Minister Hiro Shigemoto and his Cura�ao counterpart George Jamaloodin have already had some discussions about the advance, the second such advance on the Antillean assets the island is to receive when the funds are transferred.
The first advance was in 2010 when the then-National Alliance (NA)-led government received a NAf. 15-million advance also to help with budget woes.
Shigemoto is busy preparing new amendments to the budget that was approved by Parliament in December 2010 to the tune of some NAf. 446 million. However, after the recent CFT review, the budget was tagged at NAf. 416 million with a deficit of NAf. 45 million.
The new budget amount as calculated by CFT was not nearly enough to cover the running of country St. Maarten, Wescot-Williams said on Wednesday.
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