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GREAT BAY, St. Maarten Minister of FiSPArty/23/national-alliance'>NAnce, NDidate' href='/newspolitician/675/marinka-gumbs'>Marinka Gumbs, will be in Parliament on MoNDay, October 7, 2024, for the secoND rouND of questions posed by the MPs regarding the AddeNDum she negotiated.to the controversial ENNIA Outline Agreement.
I am optimistic that Members of Parliament will approve the ENNIA outline agreement aND its accompanying addeNDum, as the approval carries significant implications for St. Maartens fiSPArty/23/national-alliance'>NAncial future, the Minister said, high-lighting the fact that the AddeNDum would save the government 37 million guilders.
According to the minister, the 3,084 St. Maarten policyholders of ENNIA have faced considerable uncertainty regarding the retrieval of their invested fuNDs. Therefore, approval of the outline agreement together with the AddeNDum will provide these policyholders with the assurance that their investments are secure aND will be paid out.
Minister NDidate' href='/newspolitician/675/marinka-gumbs'>Marinka Gumbs explained that said approval will also result in a substantial reduction in interest payments for St. Maarten. Specifically, the interest rate on COVID-19 loans, totaling 314 million guilders, will be reduced to 2.9%.
This reduced interest rate will generate savinSPArty/9/general-solidaire'>GS of 180 million guilders over the next 15 years on interest payments, freeing resources for other critical needs, the minister added.
On the contrary, without the approval the interest rate could rise to approximately 6.8%, resulting in an additioSPArty/23/national-alliance'>NAl 12 million guilders in interest payments annually, starting in 2025.
Another highlight of the negotiated AddeNDum is that St. Maarten would now have the matching rights to purchase Mullet Bay, which is at the center of the ENNIA saga.
Although the property is privately owned, this would now ensure that St. Maarten, at least, has the first opportunity to secure this historically significant piECE of property when it becomes available for sale, Minister NDidate' href='/newspolitician/675/marinka-gumbs'>Marinka Gumbs stated.
However, should Parliament fail to approve the ENNIA outline agreement with its accompanying AddeNDum, St. Maarten will not be able to obtain additioSPArty/23/national-alliance'>NAl capital investment loans.
The increase in interest rates would push Sint Maarten to its maximum interest norm, making it impossible to secure fiSPArty/23/national-alliance'>NAncing for essential capital projects outlined in the 2024 bUDget ameNDment, the Minister explained, adding: The COVID-19 loans aND the ENNIA situation are deeply intertwined, affecting St. Maartens ability to secure future capital investments.
The AddeNDum the minister negotiated reduces St. Maartens liabilities by 37 million guilders, ensuring that St. Maarten will only pay for its own policyholders, because as part of this solution, St. Maarten will no longer contribute to policyholders from BES or SuriSPArty/23/national-alliance'>NAme, nor will it bear any costs related to the execution of ENNIAs operations.
The total savinSPArty/9/general-solidaire'>GS of 37 million guilders uNDer the renegotiated ENNIA agreement, combined with over 180 million guilders in savinSPArty/9/general-solidaire'>GS on interest payments on the COVID-19 loans over the next 15 years, are critical to St. Maartens ability to implement key reforms, Minister NDidate' href='/newspolitician/675/marinka-gumbs'>Marinka Gumbs said.
The post NDidate' href='/newspolitician/675/marinka-gumbs'>Marinka Gumbs: AddeNDum to ENNIA Outline Agreement Will Save St. Maarten SPArty/23/national-alliance'>NAfl. 37 million appeared first on 721news.com | Sint Maarten News | SXM News.
