Saturday , February 4 2023

Saba did not bow to the CFT

Saba, always seen as the best boy in the Caribbean class, does not shy away from confronting the Financial Supervision Council. With the full support of the Island Legislative Council, the Executive Council has ignored mandatory advice from the CFT. A letter published today shows that the CFT is of the opinion that the 2021 budget ‘insufficiently meets’ the criteria set out in the WetFinBES and the BBV BES. Reason: the budget has a deficit of $ 1.3 million.

Just like Bonaire and St. Eustatius, Saba is faced with lower income and higher costs as a result of the corona crisis. Bonaire has chosen to use the reserves to eliminate the expected shortage, Saba refuses.

In response to the draft budget, on November 5th, the Cft has informed the Lieutenant Governor by letter, that the budget ‘must’ be adjusted (see the letter below). This also applies to the multi-year budget, which also shows deficits. In this letter, the CFT suggests how the budget could be balanced. Despite the CFT’s warning, the Island Council adopted the budget unchanged last week, so with a deficit of 1.3 million dollars. With this, Saba underlines the dissatisfaction with the financial policy of The Hague towards the BES islands.

To be continued ……

Click HERE for the letter from the CFT to the Executive Council (in Dutch)



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