Honourable Minister of Finance Hiro Shigemoto met with the board of the Committee for Financial Supervision CFT on Monday regarding a number of matters related to the countries public financial management system.
It was the first official meeting since the CFT gave a positive advice for the first country Sint Maarten 2011 budget as it met the norms of the Kingdom Law regarding public finances.
The CFT Board will be meeting with the Council of Ministers on Tuesday at 3.00pm. Some of the agenda points for this meeting are: the budgets of 2010, 2011 and 2012; financial management; and corporate governance.
"My discussions with the CFT were positive as we work towards a healthier financial administration. The focus of the meeting was on various timelines related to the provision of various documents and reports.
"For example, the CFT was informed that the essential government tasks analysis will be ready in the second half of 2011. The CFT were informed that 22 annual financial reports of Government owned companies and foundations have so far been received and that these in the meantime have been sent to the CFT Secretariat.
"An update on the status of the first quarter 2011 report was provided and this will be finalized within short, and the concept 2010 annual financial report should be ready by July 1.
"Everybody within the Ministry of Finance are working diligently to create a modern country public finance management system with the help of the CFT where they make recommendations. We are all working in the same direction and towards the same goals," Hon. Minister of Finance Hiro Shigemoto said on Monday.
The Minister of Finance was supported by a number of advisors from the Ministry of Finance during the meeting with the CFT.
The Naf.420,916,597 million budget is Naf.23,526,328 million less than the one that was approved by Parliament on December 23, 2010. The amount at that time was Naf.444,442,925 million.