203 Million euro debt restructuring on an allocation account

December 04, 2008 3:39 AM

“Now that the Order in Council for the Kingdom (AMvRB) Financial Supervision is settled, the Netherlands is keeping her promise by depositing 203 million euro in a Bank of the Netherlands Antilles (BNA) allocation account on behalf of the payment arrears”, says the Dutch finance-minister Wouter Bos (PvdA) in a letter dated November 28 to the Lower House about the 2008 Budget.

“This is in accordance with the settlements as laid down in the agreements as part of the governmental renewals. The means needed for this were already reserved on the Additional Items”

The coordinating programs for the Social Economic Initiatives (SEI’s) are administratively settled. The available budget of 20 million euro will not be totally spent in 2008; they will be transferred to 2009 and 2010.

The minister says the following about the Aruban Plant Hotel: “The Kingdom has entered the total proceeds from selling the Plant Hotel as receivables in 2006. As part of the political settlement about the distribution of the proceeds, 50 percent (75 million euro) is transferred to Aruba.”
Of the means for the debt restructuring Aruba, 14.1 million euro is left in 2008. In conformity with the Aruba deal, unused means outside the year-end margin are transferred to the following budget year.

(Source: National newspaper Amigoe)

3 December, 2008