The 2020 draft Budget has been submitted to the Board of Financial Supervision (CFT) on January 22, 2020.
According to article 11, section 1 of the Kingdom Act Financial Supervision Curacao and Sint Maarten, the CFT will render its advice in regards to the draft budget to the Council of Ministers within 14 days after January 22, 2020.
The Council of Ministers will address the advice on the draft budget rendered by the CFT and, once approved, submit the draft budget to the Council of Advice, who will give its advice the draft budget within 6 weeks. However, Government may request the Council of Advice to handle the advice with urgency and provide their response within two weeks.
Upon receipt of the Council of Advice’s response, Government will address the advice in the called “Nader Rapport” (Further Report) indicating the parts of the advice taken and those not taken, and explaining why and why not.
The draft Budget together with the Further Report are approved by the Council of Ministers and submitted to Parliament through the Governor. Parliament will in the end receive the draft budget, along with the advices from the CFT and the Council of Advice, for approval.