PHILIPSBURG – Finance Minister Mike Ferrier criticized in veiled terms the involvement of the World Bank in St. Maarten’s post-Irma recovery process when he presented the draft 2018 budget to the central committee of parliament on Thursday morning.
“When Holland made it generously known to the world that they are making €550 million available for the recovery and reconstruction we were delighted, although taken aback that this aid was offered subject to months-old pre-Irma conditions. True St. Maarteners are no beggars and I dare say that even without outside help St. Maarten would get back on its feet due to the resilient spirit of our people. It would only take much longer because of our economy of scale.”
Referring to the financial dire straits the country finds itself in after Hurricane Irma, Ferrier noted that the €550 million in aid promised by the Netherlands sounded like music to his ears. “But because of warranted, unwarranted and perceived lack of trust of the Dutch in the body politics in St. Maarten, they decided in their infinite wisdom to enlist the services of the World Bank to manage the spending of their taxpayers’ money. That bank works according to set rules and norms we now have to abide by.”
After deduction of the fees for the World Bank, a 50 million loan to St. Maarten and other up-front expenditures, the available aid has dwindled to €470 million, of around $526, Ferrier said. “The good news is that all the money allocated to the trust fund is a gift, not a loan.”
The finance minister pointed out that the trust fund is hardly sufficient to cover all damages Hurricane Irma caused. “The World Bank estimates that Irma has cost over $2 billion in physical damage and economic losses. So after we have spent the last euro from the trust fund – money we will receive in tranches over a period of 3.5 years – we will still be short $1.5 billion.”
Ferrier therefore asked parliamentarians for “collaboration, rather than confrontation.” He asked MPs to put partisan politics aside, to come together and to make a real difference for the people. “We have all been touched by the devastation and we now have a choice. We can raise the level so all boats can float or we can look for easy to find sticks to beat this dog.”
Minister Ferrier gave the central committee a brief overview of the numbers contained in the draft budget. Stmaartennews.com reported extensively about the budget on Tuesday last.
Parliament’s President MP Sarah Wescot-Williams adjourned the meeting after the minister finished his presentation. The meeting will be reconvened on Wednesday, May 2, at 2 p.m.
