Minister of Finance Hon. Hiro Shigemoto announced on Thursday that the Government should be able to pay out the Cost of Living Adjustment (COLA) for 2010 by June 30, 2012 to the tune of Naf.17 million inclusive of back service pension premiums.
The Minister added that his Cabinet has been working diligently to secure the necessary funding to meet its obligations towards civil servants of Country Sint Maarten.
"The funding will come from the 2010 balance sheet prior to 10-10-10 and 2011 extended book year financial statement for which provisions have been made to the tune of Naf.11 million and Naf.2 million respectively, and the remainder, approximately Naf.4 million will be covered from the cash reserves," Minister of Finance Hon. Hiro Shigemoto, said on Thursday.
Although the Minister cautioned that this will have to be approved by the Financial Supervisory Committee CFT, and that discussions with the CFT will commence on a technical level.
The Financial Statement 2010 prior to 10-10-10 is still being checked by the SOAB Accounting Bureau, and the 2011 Financial Statement is being finalized to be checked by the SOAB and subsequently to be forwarded on to Parliament in August 2012.
The Minister added that a long-term solution has to be worked out with all stakeholders as this will not be sustainable in the coming years.