2 Sep 2013

Economic situation continues to improve for CNMI

3:07 pm on 2 September 2013

As a result of steady growth in tourist arrivals and tighter controls on spending the Northern Marianas government expects to finish the current financial year, at the end of this month, with a budget surplus that could be as high as five million US dollars.

But the governor Eloy Inos says the additional money will be used to address prior obligations instead of going into the national Retirement Fund.

He says new revenue sources will be needed for an estimated 12 million US dollar supplemental budget for the next financial year to comply with the Fund settlement agreement, on top of the about 123 million dollar territorial budget that he hopes the Legislature will pass soon.

The estimated revenue in the current budget was 114 million but the governor says this figure has been exceeded by several millions.