WILLEMSTAD – Curaçao’s financial accountability continues to lag significantly, with the most recently approved national financial statements dating back to 2018. Since then, no formally adopted annual accounts have been presented to the Curaçao Parliament, meaning that for several years there has been no official accountability for the government’s budgetary policy.
According to the College financieel toezicht Curaçao and Sint Maarten (Cft), the annual accounts for the years 2019 through 2024 have been prepared in draft form but have yet to be formally adopted. The financial watchdog is urging the government to make the completion of the accountability process a top priority and to clear the backlog as quickly as possible.
The situation has become more sensitive following a recent controversy between Minister of Finance Charles Cooper (MFK) and the General Audit Chamber of Curaçao (ARC). In a critical report on the 2023 annual accounts, the Audit Chamber concluded that several budget overruns were unlawful because expenditures were made outside the budget approved by Parliament. As a result, the ARC stated that the financial statements did not provide a reliable picture of the country’s financial position and results.
Minister Cooper subsequently requested that the Audit Chamber withdraw its report. The ARC refused, leading to an open institutional conflict between the minister and the independent oversight body.
In its latest advice, the Cft also reiterates its concerns about the functioning of the Tax Department. The watchdog is asking for clearer insight into the progress of improvement programs and the current size of the outstanding tax collection portfolio.
As long as the annual accounts are not formally approved and disagreements persist over the legality of major financial decisions, uncertainty remains about whether Curaçao has actually complied with the applicable budgetary norms. The Cft stresses that only once the annual accounts are adopted can it be determined with certainty whether the central budget standard has been met.
The combination of years-long delays in financial accountability and a public dispute between the minister of finance and the Audit Chamber is increasing pressure on the transparency, credibility and controllability of Curaçao’s financial governance.