Shigemoto: Sint Maarten and CFT to Intensify Cooperation by Signing MOU; CFT to Open Branch Office

On Tuesday Minister of Finance Hon. Hiro Shigemoto and the Committee of Financial Supervision (CFT) Chairman Age Bakker, will jointly open the Sint Maarten CFT Office.

Minister Shigemoto has been championing the opening of such an office on Sint Maarten which would lead to a closer and improved working relationship between the CFT and the Ministry of Finance.

The intensified cooperation will be cemented into a Memorandum of Understanding (MOU) to also be signed on Tuesday afternoon between the Minister and the CFT.

online casino

The Council of Ministers (CoM) during its Tuesday cabinet meeting will be officially introduced to the new chairman of the CFT Age Bakker and Sint Maarten member Richard Gibson.

During the CoM meeting with the CFT, after the formal introduction, a number of issues will be discussed such as the 2012 national budget, the Public Expenditures and Financial Accountability (PEFA) report, the MOU, opening of the CFT Office and the 2010 Annual Accounts.

"We have reached a very important milestone in the relationship between Sint Maarten and the CFT. Besides having the CFT physically established on the island with their own staff and office, the MOU is another major step in the relationship with this body.

"The objective of the MOU is to provide a framework in the development cooperation between our country and the CFT. Both parties understand the need for more intensive cooperation, mutual positions and responsibilities.

"The main intention is not to increase the administrative burden that results from accountability for the country, but to provide a basis for help and support provided by the CFT to the country’s entire planning and control cycle up to par," Minister of Finance Hon. Hiro Shigemoto said on Monday.

The MOU is based on the recognition that:

* Sint Maarten is a new country that has to work on the quality of the institutions governing it;

* Lasting sound financial policy and an enduring quality of financial management on Sint Maarten are the objectives of both parties;

* Achieving this asks for a close cooperation between both parties;

* Openness about the objectives and (im)possibilities of proposals, deadlines, improvements and policy-options of both parties, is best served by cooperation between both parties;

* Knowledge and an understanding of the specific situation of Sint Maarten by the CFT is best reached by a physical presence in the country;

* Both parties want to work together towards realizing their mutual goals.