The Board of financial supervision (College financieel toezicht – Cft) advised the Kingdom Council of Ministers in a letter from March 30th, to give an instruction to the Sint Maarten government according to article 14, paragraph 2 of the Kingdom Act on Financial Supervision Curaçao and Sint Maarten. The reason is that Sint Maarten still does not have an adopted budget, which meets the criteria of the law.
Cft has tried to reach joint agreements with Sint Maarten to come to a solution. Sint Maarten has come back up on agreements made previously and an attempt at the beginning of this week to have a joint discussion failed.
Considering this situation no other possibility remains based on the Kingdom Act than to advise the Kingdom Council of Ministers to give Sint Maarten an instruction. It will be up to the Kingdom Council of Ministers to decide on the following steps to come to a solution concerning the problems around the draft budget 2011 for Sint Maarten.