Published On: Tue, Apr 29th, 2014

PAIS supports the Budget Monitoring Committee

Curacao ParliamentWILLEMSTAD – The political party PAIS stands behind the bill for a Budget Monitoring Committee in Curacao proposed earlier this year by the Council of Ministers. The government has submitted this proposal to start the advisement process. “The establishment of the Budget Monitoring Committee is a big step towards more maturity and responsibility,” to the coalition party said.

The Budget Monitoring Committee should replace the Committee for Financial Supervision (CFT), which was established by the Kingdom Government before the constitutional changes of October 10, 2010.

“It should be clear that a sound financial management in the broadest sense is good, not because we want to make the Netherlands happy. It must penetrate into our minds, especially given the recent history of financial mismanagement. The consequences are that the government cannot perform its duties properly and the people will suffer from it.”

Unsound financial policy leads to impoverishment and has negative consequences for especially the most vulnerable groups in society.

“The duties of the Budget Monitoring Committee are wider and deeper than that of the CFT. This committee will become a state organ. The Parliament of Curaçao will not lose its constitutional budget right with this new institution.”

The specific tasks of the Budget Monitoring Committee are; monitoring the implementation of financial standards for budgets, monitoring the quality of financial management and monitoring the implementation of legislation in the field of corporate governance.

The Budget Monitoring Committee is entitled to give recommendations to the government as is stipulated in its responsibilities. However, the government is not bound by these recommendations, but must indicate to the committee to what extent they will be taking their recommendations into consideration.

If the committee is not satisfied with the (re) action of the government, they can request parliament to give financial instructions to the government.

Although this opinion is not binding, it was decided to arrange that only after a two third majority in parliament has agreed, the government may deviate from the recommendations made by the committee.

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