WILLEMSTAD – Curaçao's government-owned companies collectively generate more than XCG 100 million in profits, yet the government has budgeted only XCG 7 million in dividend income for 2026. The Board of Financial Supervision (Cft) says Curaçao should make better use of its position as shareholder and introduce a comprehensive policy for its state-owned enterprises.
According to the Cft, higher dividend payments have already been pledged by government-owned companies. However, these additional revenues have not yet been incorporated into a budget amendment and the government has not received the money.
The financial supervisor believes stronger oversight and more active management of the government's shareholdings could improve Curaçao's financial position. It is therefore calling for an integrated policy that would give the government greater insight into financial risks at state-owned companies while providing more control over dividend revenues.
The performance and financial position of government-owned companies were important topics during the Cft's visit to Curaçao in February. The board has repeatedly warned that financial problems at state-owned enterprises can ultimately affect the national budget if the government is forced to intervene.
At the same time, the Cft remains concerned about Curaçao's broader financial management. The earlier improvement program, known as the Roadmap toward obtaining an unqualified audit opinion on the government's annual accounts, did not produce the desired results. Curaçao itself has cited insufficient administrative and political priority as one of the reasons.
A new action plan has since been introduced, placing greater emphasis on centralized management and government commitment. However, Curaçao did not report on the implementation of the new approach during the first half of 2026. The Cft says this makes it difficult to determine which improvements have actually been implemented.
Concerns also remain about the Tax Administration. An earlier investigation by government auditing foundation SOAB found instances of unauthorized preferential treatment and failures to comply with legal requirements in the implementation of tax legislation. The Receiver subsequently prepared an improvement plan, but according to the Cft, information about its implementation remains limited.
The Cft is also concerned about the financial situation of Curaçao Medical Center (CMC). Although the 2026 budget provides additional funding for hospital operations as well as measures to address debts and unfunded reserves, the board says little progress was made toward a definitive solution during the first half of the year.
The Cft wants the CMC restructuring completed in 2026 and its financial consequences incorporated into Curaçao's 2027 budget.
Despite these concerns, Curaçao's overall public finances currently present a relatively positive picture. Preliminary figures show that the government recorded a budget surplus of XCG 107 million in 2025, equivalent to more than 1.5 percent of gross domestic product. For 2026, however, the projected surplus is considerably smaller at XCG 19 million.
The contrast between the profits generated by government-owned companies and the relatively modest XCG 7 million in budgeted dividends is now putting renewed attention on whether Curaçao is receiving an adequate financial return from companies in which the public ultimately holds the shares.