St. Maarten Minister of Finance meets IMF officials today

POSTED: 09/7/11 1:21 PM

GREAT BAY, St. Maarten – Finance Minister Hiro Shigemoto has said that the Ministry of Finance is ready to meet with International Monetary Fund (IMF) officials during the next two days with respect to their official visit to the country in connection with article IV Consultation. The focus of the meeting will be on financial policy matters. The IMF is interested in learning about the current fiscal framework, including rules of deficits, debt and supervision of fiscal out-turns and policy. Another area is a description of the current tax system, including regulations for personal income tax, corporate taxes, and indirect taxes.

The IMF is mandated to oversee the international monetary system and monitor the economic and financial policies of its 187 members. This activity is known as surveillance. As part of this process, which takes place both at the global level and in individual countries, the IMF highlights possible risks to domestic and external stability and advises on needed policy adjustments. The aforementioned helps the international monetary system serve its essential purpose of facilitating the exchange of goods, services, and capital among countries, thereby sustaining sound economic growth.
“IMF Article IV Consultation is an important part of the IMF’s regular surveillance activity with all member countries and is usually conducted every year. At the conclusion of the visit, the mission issues a statement.”
“St. Maarten as a country is part of the Kingdom of the Netherlands and Holland being a member of the IMF, an IMF mission will visit each country to gather the relevant information and speak with the different stakeholders. The information gathering process is very important for country St. Maarten with respect to foreign investments and accessing loans etc. The IMF is also interested in reforms of the tax system, and we will be providing them with a summary of the current process we have embarked upon to reform our countries tax system. This is the first time that St. Maarten as a country will be presenting its information based on our new status,” Shigemoto said on Tuesday.

The IMF delegation is headed by Daniel Kandan who will be accompanied by Sebatian Weber and Longmei Zhang. Officials from the Central Bank of Curacao and St. Maarten (CBCS) will also be travelling with the IMF delegation, namely Deputy Director of Monetary & Economic Affairs Eric Matto, Rudy Doran and Lennie Pau, both economists at the research department.
The IMF will also meet with other ministries and relevant government departments over the next two days besides meeting with the private sector on Friday. The Council of Ministers will be presented with the preliminary conclusions of the mission on Friday afternoon.

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