The Government of Saba has received approval to start reconstruction works following Hurricanes Irma and Maria.
An amount of US $500,000 is being made available as pre-financing.
Preliminary estimations set the damage in Saba at US $27 million. The Committee for Financial Supervision CFT approved an amendment to Saba’s 2017 budget on October 16, to facilitate the start of the reconstruction work on 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 damage amounts 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 definite decision-taking by the BZK Ministry regarding the recovery aid. An amount of $500,000 is being made available on the budget item disaster management.
The BZK Ministry had already committed to transfer $500,000 to Saba in the short term to replenish the local government’s capital and reserves, 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 $435,000 and the expenditures by $500,000. As a result, the budget surplus will decrease from $440,000 over 2017 to $375,000. The 2017 budget total will increase to $14.79 million.
The Daily Herald.