Published On: Thu, Oct 26th, 2017

Recovery Saba with Dutch pre-financing

sabaTHE HAGUE/SABA - The Government of Saba has received approval to start the reconstruction works following Hurricanes Irma and Maria. An amount of US $500,000 is being made available as a pre-financing. Preliminary estimations set the damage on Saba at US $27 million.

The Committee for Financial Supervision CFT on October 16 approved an amendment to Saba’s 2017 budget to facilitate the start of the reconstruction work of damaged infrastructure. Saba sent a budget amendment to the CFT on October 12. CFT’s response was published on the CFT website this week.

“Hurricanes Irma and Maria have caused great damage to Saba. According to a preliminary estimate, the damages amount to about US $27 million. The Ministry of Home Affairs and Kingdom Relations BZK is consulting with Saba and various departments in The Hague how to carry out the reconstruction,” CFT Chairman Raymond Gradus stated in a letter to Saba Island Governor Jonathan Johnson.

The Saba Government wants to start with the reconstruction works in anticipation of the definite decision-taking by the BZK Ministry regarding the recovery aid. An amount of US $500,000 is being made available on the budget item disaster management.

The BZK Ministry had already committed to transfer US $500,000 to Saba in the short term to replenish the capital and reserves of the local government, pending a positive advice of the CFT regarding the budget amendment which has the character of a pre-financing.

The budget amendment involves an increase of both the revenues by US $435,000 and the expenditures by US $500,000. As a result, the budget surplus will decrease from US $440,000 over 2017 to US $375,000. The 2017 budget total will increase to US $14.79 million.

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