IMF, Central Bank, High Council and Social Economic Council all solicited
The Minister of Finance, Ardwell Irion has sought the counsel on the impact of implementing the several infamous conditions on St. Maarten. Measures were presented to St. Maarten by the Kingdom Council of Ministers (KCOM), in order to qualify for the second and third tranche of COVID-19 liquidity loans.
On June 15th the Minister had a lengthy discussion with the International Monetary Fund (IMF) on a number of topics such as the effects of the border closures, full lockdown and the St. Maarten Stimulus & Relief Plan (SSRP). The Minister requested that the IMF produce an analysis on the conditions set forth by the KCOM on the economy of St. Maarten.
The IMF has produced an updated assessment on the economic outlook for St. Maarten that is currently being perused by the Minister and his team. On June 18th the Minister had a follow-up discussion with the Central Bank of Curacao and St. Maarten where he also requested their analysis on the conditions presented. In addition, the Minister has also requested the joint advice of the High Councils and Social Economic Council.
The conditions have presented many challenges to be implemented during an already challenging period. Though the island is in need of assistance, the Minster would like to ensure that the conditions do not send us into an economic and social tailspin. “Though we as a people are resilient, it should never be the case that we are forced to see our limitations unnecessarily. I am still hoping that our colleagues in the Netherlands see that we are compliant and that everyone is making sacrifices.”