Minister and Cft sign cooperation protocol at office opening

POSTED: 01/17/12 12:24 PM

St. Maarten – Finance Minister Hiro Shigemoto and Chairman of the Board of financial supervision (Cft) Age Bakker will jointly open the latter body’s office in St. Maarten on Tuesday evening. The opening, which will follow a meeting between the Cft and the Council of Ministers, is the direct result of a protocol between the minister and the Cft that is aimed at improving the working relationship between the government and the financial supervisor.
“We have reached a very important milestone in the relationship between St. Maarten and the Cft. Besides having the Cft physically established on the island with their own staff and office, the MOU is another major step in the relationship with this body. The objective of the MOU is to provide a framework in the development cooperation between our country and the Cft. Both parties understand the need for more intensive cooperation, mutual positions and responsibilities. The main intention is not to increase the administrative burden that results from accountability for the country, but to provide a basis for help and support provided by the Cft to get the country’s entire planning and control cycle up to par,” Shigemoto said on Monday.

Memorandum of Understanding
According to a statement from the minister the agreement, which will be signed Tuesday afternoon, recognizes that St. Maarten has to work on the quality of its institutions, commits both parties to working on “lasting, sound financial policy and an enduring quality of financial management”, achieving closer cooperation and calls for openness about the objectives and (im)possibilities of proposals, deadlines, improvements and policy-options of both parties. The agreement should also lead to knowledge and an understanding of the specific situation of St. Maarten and cement that parties want to work together towards realizing mutual goals.

Meeting Agenda
The formal agenda for Tuesday’s meeting between the Council of Ministers and the Cft includes the formal introduction of the new Chairman Age Bakker and the member proposed by St. Maarten Richard Gibson Sr. Parties will also discuss the 2012 national budget, the Public Expenditures and Financial Accountability (PEFA) report, the MOU, opening of the CFT Office and the 2010 Annual Accounts.

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