ORANJESTAD – The government of Aruba will submit all final comments regarding the Kingdom Act on Financial Supervision before May 1, according to Finance Minister Geoffrey Wever. The statement comes in response to The Hague’s announcement that the interest rate on Aruba’s COVID-19 relief loan will rise to 6.9% on that date due to delays in submitting a joint draft law to the Dutch Parliament. 

Minister Wever stated that the government will provide a full explanation during a public session in Parliament on Tuesday. The new AVP-FUTURO coalition, which took office just four weeks ago, immediately instructed its negotiation team to ensure that all required documents are delivered to the Netherlands on time. 

“This message has been conveyed to the Dutch government on several occasions,” said Wever. “We hoped the Netherlands would reconsider raising the interest rate, especially given that State Secretary Zsolt Szabó has emphasized Aruba’s path toward financial self-reliance. Unfortunately, he has now confirmed he will not deviate from the agreement made on June 4, 2024.” 

Wever further explained that Aruba has made efforts to demonstrate that the delays are not Aruba’s fault. In agreement with the Netherlands, a request was submitted to the IMF to provide an independent assessment of the proposed financial supervision norms. However, the report is taking longer than anticipated. 

“Aruba will ensure its part is submitted before May 1,” Wever reiterated. “And next week, we will provide a detailed briefing in Parliament so that the Aruban people fully understand the process and where we stand.” 

Earlier in the day, State Secretary Szabó confirmed to Dutch media outlet DossierKoninkrijksrelaties.nl that the interest rate hike will take effect May 1, stating: “I am sticking to the agreement from the administrative accord. It’s crucial that we now see results—specifically, a joint legislative proposal presented to the Kingdom Council of Ministers.”