The Bottom – The committee for Financial Supervision Bonaire, Sint Eustatius and Saba (CFT) has concluded that Saba’s public finances still in good order. Although the budget execution in 2016 did not entirely go according to plan due to some unexpected setbacks and higher costs then expected, Saba managed to maintain a balanced budget.
The financial setbacks during 2016, according to CFT, were adequately processed in the budget which is also characteristic of good financial management. “Saba has had once again proven that they have their public finance in good order,” said CFT President Age Bakker.
There is some concern on the side of CFT when it comes to repayment obligations by Saba. Although the third quarter showed a good financial performance, this does not take away that the results are not sufficient to meet all repayment obligations for loans which Saba received from Holland in the past. Financial space will be created by lowering the annual repayments. CFT believes Saba’s budget is too tight to adequately deal with incidental setbacks the island may experience. For the second year in a row Saba passed the audit executed by external auditors, in this case regarding to the financials of 2015, with flying colors.