Iron requested the CBCS to cancel the bond auction

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Iron Minister of Finance

 

PHILIPSBURG – The Minister of Finance announced that he has requested the CBCS to suspend (cancel) the auction (bond). Sint Maarten is currently in discussions with the Netherlands regarding the refinancing of a loan, which is scheduled to mature on October 21st 2020. Sint Maarten has opted to accept the proposal of the Netherlands as outlined in their letter of October 16th 2020, which will result in the postponement of the maturity date and the avoidance of a technical default.

During the coming four weeks, the government of Sint Maarten will continue to work on the completion of the process to meet the conditions of the second tranche liquidity support, which can then lead to further discussions on the third tranche liquidity support as well as long-term solutions for expiring loans.