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St. Maarten government to seek NAf. 150 million bond once budget 2013 is approved

MONDAY, 15 APRIL 2013

~ Budget debate continues today ~

PHILIPSBURG–Once the draft 2013 budget is approved by Parliament, the Central Bank of Curaçao and St. Maarten has been approached to float a bond of some NAf. 150 million to cover government’s capital expenses. The public plenary session of Parliament on the budget starts today, Monday, at 10:00am in Parliament House.

Among the projects that bond will be used to execute or complete are the ring road around Great Salt Pond and Link Six roadway. The projects are slated to start as soon as the bond is floated and some will be completed in 2014.

The Central Committee reviewed and debated the draft budget throughout last week with Members of Parliament making suggestions to better the budget and requesting documents to aid in gaining further insight.

Government hopes to get the budget passed this week to comply with the Kingdom Law on Temporary Financial Supervision for Curaçao and St. Maarten. The law, among other criteria, requires the country to have a balanced budget. Government is currently operating on the budgetary figures of 2012.

The draft budget totals NAf. 457,874,400, some NAf. 25,324,800 more compared to the 2012 approved budget. The draft budget does not contain any new policies, due to financial constraints, Finance Minister Roland Tuitt told parliament last week.

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