THE HAGUE – Curaçao’s financial management remains deeply problematic, according to the Kingdom’s Board for Financial Supervision (Cft). In a recent meeting with the Dutch Senate Committee on Kingdom Relations, the Cft expressed serious concerns about the financial situation at the Curaçao Medical Center (CMC), persistent dysfunction within the Tax Office, and overly ambitious plans to obtain an approved auditor’s opinion by 2026.
One of the main points of concern is the CMC, which has struggled with high operating costs since its opening—mainly due to excessive construction expenses and underperforming revenues. For several years, the Cft has urged the Curaçao government to reserve funds in the national budget to cover these shortfalls.
For the first time, the 2025 budget includes a 50 million guilder provision for the hospital. While the Cft views this as a necessary step, it warns that it is not enough. Structural solutions are needed, such as separating the hospital’s real estate from its care operations and securing sustainable financing for maintenance and medical equipment.
Tax Office in Disarray
The Cft also flagged ongoing serious issues within Curaçao’s Tax Office. An independent investigation last year revealed a poorly organized institution with opaque payment arrangements, including deals involving businesses, politicians, and former officials. The report also found a complete disconnect between the division that issues tax assessments and the one responsible for collecting payments. The Cft concluded that a deep structural overhaul is unavoidable.
Despite these issues, Curaçao has drafted a “roadmap” aiming to achieve an approved auditor’s opinion on its financial statements by 2026. However, this roadmap includes over 100 action points, and the Cft doubts the feasibility of meeting them. “In our assessment, the goal is unrealistic,” said Cft chairwoman Mevrouw Ongering during the meeting. The board urged the Curaçao government to make tough choices, prioritize, and focus on realistic, actionable objectives.
Lack of Coordination
The board also highlighted a chronic lack of coordination between ministries and the Ministry of Finance as a key structural problem. Budget processes are often stalled because policy and finance departments work with conflicting systems and data. As a result, financial reporting is frequently delayed or incomplete.
The Cft emphasized its dual role as both a supervisory and advisory body. Curaçao, it said, must concentrate on what is truly necessary for financial recovery. “If everything is a priority, then nothing will get done,” the board warned.
