That Minister of Finance Marinka Gumbs commissioned Foundation Government Accountants Bureau SOAB to carry out a financial audit (see related story) of the OZR Fund managed by Social and Health Insurances SZV on behalf of government is encouraging. There exists considerable lack of clarity surrounding the “Overheidsziektekostenregeling” Fund, which provides health coverage for civil servants, teachers, government-affiliated employees and their dependents.
SZV is audited annually, but no financial audit of the fund itself had been reportedly completed since 2012. An engagement was initiated for the 2016-2018 period, but financial audits were not carried out.
Although the Council of Ministers last May approved an increase in the monthly OZR contribution from 5.5 million to 6 million Caribbean guilders, there has been ongoing uncertainty regarding the exact amount owed by government. The question therefore remains why it took so long to tackle this obvious issue.
One is reminded of what happened during the constitutional reforms within the kingdom 15 years ago. The Dutch government provided debt relief for the dismantled Netherlands Antilles, but St. Maarten could not optimally benefit due to administrative shortcomings.
When it comes to public finances, keeping precise and transparent records is paramount.
