CFT gives positive advice on budget

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~ Preparations to start for 2012 budget ~

PHILIPSBURG--The new 2011 budget, called the first budget for country St. Maarten, has received a positive advice from the Committee for Financial Supervision CFT, as it meets the norms of the Kingdom Law regarding public finances, Finance Minister Hiro Shigemoto announced late last night, based on formal communication received from CFT earlier in the afternoon.

"Much energy and effort has gone into resolving the NAf. 130-million deficit left behind by the previous administration under the Island Territory of St. Maarten. We have managed to clean up the mess left behind and now we can make our way towards a healthier financial administration by constant improvement," the minister said in a press release.

The new budget stands at NAf. 420,916,597. It is NAf. 23,526,328 less than the one that was approved by Parliament in December 2010. That amount was NAf. 444,442,925. The country's reserves remain intact.

"This government has been able to bring down that deficit to zero and present a balanced budget for the people of our country. We look forward to working with the CFT, but also with the other ministries in developing a better budget for 2012," he continued.

CFT in its correspondence has given advice to government on areas that need improvement. These areas will be focused on in the preparation of the 2012 budget. "Government can also now move forward in focusing and placing more emphasis on the national issues of great concern to the people of our country," Shigemoto said.

He thanked the staff of the Ministry of Finance and the Department of Finance for "their tireless efforts in this process of balancing the 2011 budget."

Source: http://www.thedailyherald.com/islands/1-islands-news/15877-cft-gives-positive-advice-on-budget-.html

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