Ferrier, Knops sign loan agreement
THE HAGUE – Minister of Finance Michael Ferrier and Dutch State Secretary Raymond Knops signed off Friday on a NAf. 50 million loan to stave off St. Maarten’s looming liquidity challenges brought on by Hurricane Irma.
The loan issued by the Dutch Government comes with zero interest for a term of 30 years, with 25 equal yearly payments of NAf. 2 million starting January 2023.
This arrangement puts St. Maarten in a much better position to deal with its financial obligations, especially post-Irma. Government’s income has taken a heavy hit, while expenditures have gone through the roof, according to Minister Ferrier.
Ferrier and Prime Minister Leona Romeo-Marlin thanked the Dutch Government for the “favourable arrangement in these trying times,” according to a Government press statement.