PHILIPSBURG--The 2012 budget will be some NAf. 10 million less than this year's budget and will take into consideration the prognosis of zero growth from the Central Bank of Cura�ao and St. Maarten, said Finance Minister Hiro Shigemoto. The draft balanced budget should be ready in early October.
"The global financial economic crisis is not allowing government to add new policies in the 2012 budget when we look at zero economic growth. We are still confronted with challenges coming out of the transition after 10-10-10," Shigemoto said on Wednesday evening.
Unlike the larger countries in Europe and around the world, St. Maarten is totally dependent on the outside world and has to also mitigate the external shocks suffered from this dependency and this too costs money.
Although the coalition has many new policies, projects and programmes, the financial management of the country is "priority number one" with respect to complying with the financial supervision regulations of having a balanced budget.
"We will continue to look at ways and means to get us through these difficult times and we will come out on top as a country as we have always done when confronted with challenges," the minister said.
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