PHILIPSBURG, Sint Maarten – Minister of Finance Hiro Shigemoto says that the Committee for Financial Supervision CFT has not rejected the 2011 budget of country Sint Maarten as reported in one of the daily newspapers on Tuesday.
"The headline of the news report in one of the daily papers is erroneous. The CFT has not rejected the budget. This is far from the truth. The CFT and the Government have a difference of opinion and interpretation, and we are in the process of working to resolve this to the benefit of both parties," Honourable Minister of Finance Hiro Shigemoto said on Tuesday.
Based on an analysis of the budget, the CFT is of the opinion that the budget is Naf.414 million compared to the Naf.444 million that was approved by the Parliament of Sint Maarten back in December.
The perceived difference between the CFT and the Government is a sum of Naf.30 million. The CFT has given the Government of Sint Maarten until February 17 to present an adapted budget that has to also be approved by Parliament.
The overall consensus according to the minister is that dialogue will continue with respect to making sure the budget complies with the financial supervision rules and regulations that have been established.
This course of action according to the Minister will continue between the CFT and government in order to come to a final advice from the CFT.