CBCS Director: “Damages estimated to be 2,5 billion dollars

AIRPORT — In an interview with Today.sx at the SXM Airport, Alberto Romero, Interim-President of the Central Bank of Curacao & St. Maarten (CBCS), said that he has received reports estimating damages so far in excess of 2,5 billion US Dollars. “This is not Guilders”, he stressed. “Dollars!”

The interim-director of the CBCS had just arrived Tuesday afternoon on an Inselair charter to St. Maarten to evacuate 12 officials of the CBCS who were on St. Maarten during the passing of Hurricane Irma. “Right now there is nothing they can do on St. Maarten,” Romero pointed out. “So we thought it best to fly them out to Curacao.”

“Since we have more seats on the charter flight,” explained Romero, “consultants and lawyers for the SOAB asked to board the plane to Curacao as well.” The government’s accounting bureau, SOAB, also has staff stationed on St. Maarten. They will not be able to do any work for the time being on St. Maarten.

Just recently, the CBCS reported in its 2016 annual report that economic growth in both Curacao and St. Maarten has been lackluster and lagging behind other countries in the Caribbean. This economic underperformance compared to regional peers is largely the result of macroeconomic weaknesses, in particular a lack of productivity growth and declining competitiveness.

With the 2,5 billion dollars needed in St. Maarten to help the island’s economy recover from Hurricane Irma’s damages, the CBCS will have to play a major role in expanding the monetary market and allow banks to provide financing at feasible terms and reasonable interest rates. In any event, the clean-up that has already begun.

Local resident, Corinne Dijkhoffz considers herself lucky that her roof is still intact, because inspections with drones have shown that 90 procents of buildings on St. Maarten don’t have a roof any more or have sustained major damage to their roofs. This is according to Caribisch Netwerk journalist, Jean Mentens. According to Corinne Dijkhoffz, it will take five years to rebuild St. Maarten.

Video source: Caribisch Netwerk | 12 september 2017 | Jean Mentens