Debt restructuring can start

The Minister Council for the Kingdom has agreed today with the Order in Council for the Kingdom (AMvRB) that arranges the provisional financial supervision for the Netherlands Antilles, Curacao, and St. Maarten in the transition period.

The result will be published in the law gazette as soon as possible and expectations are that it will go into effect in the coming month.  The supervision is a stipulation for the debt restructuring that is expected to start this year. 
The Parliament of the Nethrelands Antilles and the Island Council of Curacao have already agreed with the supervision.  The Island Council of St. Maarten will discuss it next week.  Bonaire, St. Eustatius, and Saba are already under financial supervision since the end of last year.  The College financial supervision (Cft) that performs this supervision will also do this for the national budget and the budgets of Curacao and St. Maarten. After the countries receive their new status, the financial supervision will be provided for by consensus statutory law.

(Source: National newspaper Amigoe)

10 October, 2008


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