23 Apr 2012

CNMI senators describe economic crisis as worst

12:49 pm on 23 April 2012

Some senators in the Commonwealth of the Northern Mariana Islands legislature have described the current economic downturn as the worst in recent history.

The CNMI is facing its deepest debt crisis, with the Retirement Fund recently filing for Chapter 11 bankruptcy in the federal court and the government's hospital struggling to pay its workers.

The Senate Legislative Secretary and Chair of Fiscal Affairs, Jovita Taimanao (TY-mun-yao) says the legislature and federal government need to take a more unified approach in dealing with the financial crunch.

"From my best understanding and recollection I will say this is the worst time that the CNMI faced with every issue around. And I believe that these issues all boil down to financial stability, declining of the economic, the revenue here in the CNMI. Within these issues money is really the problem."

Jovita Taimanao says promoting the CNMI's agriculture products or creating new casinos are possible solutions in climbing out of debt.