Finance Minister Perry Geerlings and SZV Director Glen Carty shake hands after the signing of the LOI.
PHILIPSBURG--Finance Minister Perry Geerlings and Social and Health Insurances (SZV) Chief Executive Officer (CEO) Glen Carty signed a letter of intent (LOI) on August 23 concerning the repayment of government’s debt to SZV.
Geerlings said in a press release that this is a very important step in meeting the Kingdom Government’s 2015 instruction of clearing debts to the SZV, which would enhance the fund’s long-term sustainability.
The current debt is approximately NAf. 93 million, but the Ministry of Finance, SZV and the Government Accountants Bureau SOAB are busy reviewing the figures in order to have a complete picture of the debt with SZV.
“My priority is working to clear the debts of the country in order to make us financially sustainable. We have an obligation to meet the Kingdom Council 2015 instruction requirements which call for measures to make our health and pension systems financially viable,” Geerlings said.
“The signing of the LOI puts us on a track to eliminate the debt over a period of time. At the moment, we have the challenges from Hurricane Irma and our country is still in a very delicate recovery phase, but we are committed to settling our debts.
“By having various debt repayment plans in place, we are able to simultaneously move forward on other fronts. We already have the Tax Transformation Project underway. All of these are interlinked and will have a positive reflection on our national socio-economic development.”
Geerlings said the debt goes back to the former Netherlands Antilles and after 10/10/10 when St. Maarten acquired the status of country within the Dutch kingdom.
