Today’s Editorial: The mixed review

POSTED: 05/19/11 12:17 PM

After two days of talks the Board of financial supervision (Cft) has given the island’s progress in terms of its financial management and budget process a mixed review. As with everything in life there is some good, and there is some bad and that is to be expected.

Though we’d love to join in reveling in the positives, we can’t help but miss that the glaring negatives. Things like delayed reports or cessation of reporting, the fact that there’s another empty promise of we’ll take care of the Corporate Governance Council soon. And who could miss the fact that two key studies that will the government plan better have not been completed. In fact one hasn’t even been started.

The little train that is our country undoubtedly is chugging along and we can hear people going: We think we can, We think we can, We think we can, but there’s another group that is pressing and wants to hear the tune change to We did it, We did it, We did it.” That latter chorus is where we stand, especially since the people of this friendly country were promised that things would move faster and that their government would be able to regulate things quicker.

One thing we can all agree on is that the budget for 2012 must be finished this year. However that means the new tax system must also be finished soon, because the Cft stressed again on Wednesday they will assess the budget based on things that fully and legally completed. That means figures generated on a draft tax system will not pass muster. So there is enough work for the Finance Ministry to do and for us all to monitor.

 

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