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~Kingdom Council of Ministers have to allow St. Maarten to float bonds~

PHILIPSBURG:--- The chairman of the CFT dispatched a letter to the Minister of Finance Ardwell Irion informing him that he is not allowed to float a bond with the Central Bank.
The letter sent on October 12th states that on October 9th was informed of the Ministers decision to float a bond for NAF 75M from the country to attract the domestic market.
Article 16 of Curaao and Sint Maarten Financial Supervision Act (Rft) sets out the procedure and criteria for taking out loans.
It has been stipulated that intended loans must be included in a fixed budget that meets the standards of the Rft.
In this way, the Cft is enabled to fulfill its supervisory task and to assess whether all applicable criteria for taking out a loan from the Rft are met. These concerns, among other things, the criterion that borrowing is only permitted for capital goods. By taking out the aforementioned loan of ANG 75 million you are acting in violation of Article 16 of the Rft.
As far as the Cft is aware, there is no decision-making by the Kingdom Council of Ministers (RMR) in which it is stipulated that deviation from the applicable procedures and criteria for this proposed loan is permitted.
The Cft is therefore of the opinion that you are not authorized to take out a loan through the CBCS.
The Cft assumes that the initiated procedure will be discontinued and that action will still be taken in accordance with the Rft.