Dear Editor,
Who is supervising the World Bank as to how it is managing the 470 million euros ($580 million) that Holland promised St. Maarten for the reconstruction after Hurricanes Irma and Maria?
We heard of the 470 million that was placed in the St. Maarten Recovery, Reconstruction and Resilience Trust Fund. Forgive my ignorance, but how was it opened? Was it placed on a current account? Was it placed or opened as a savings account, if so at what interest rate and how much has it earned so far?
I hope these questions can be answered expeditiously. I don’t want to hear responses such as privacy laws and confidentiality. Don’t preach it unless you are living it.
Transparency is the buzzword. We need an accurate account of how much the World Bank has collected for its services. I am sure it will be deducted from the grant.
We heard of different projects to which some of the funds have been allocated. Does the common man on the street know who they are and what they do? No. Most of us have no clue.
What have they accomplished visibly for St. Maarten? We know that they have strict rules and are responsible for ensuring that the money is spent properly. If my memory serves me right, there is $50 million that supposed to go to the government, who in turn will lend it to Princess Juliana International Airport. We have heard of the $25 million set aside for the new hospital.
Is Sunwing still waiting on financial assistance from government? We have all read its demands.
As far as I can see, St. Maarten’s path to recovery is mainly due to the resilience of her people, the insurance companies and the different organizations such as the Red Cross, who have assisted in some way or the other. And by the way, some insurance companies have increased their premiums by 60 per cent. Am talking from experience. Can you imagine persons with no or a reduced income having to deal with increase in food cost, rent, construction materials, interest rates and all kinds of banking fees?
During the banking crisis, the giants received some $750 billion in bail-out funds; who is going to bail us out? At a time when interest rates should be lowered, they are being increased. This is another subject for another time. It will call for a discussion on what their policies are and their legal anti-social and immoral jargon.
Got side-tracked for a moment.
The trust fund of 470 million euros apparently has 3 interested parties; the one granting the money (Holland), the one managing the money (the World Bank) and the recipient (St. Maarten). It is time for the World Bank to be called to Parliament and it has to be a plenary session. After all, the people have a right to know.
George Pantophlet
