WILLEMSTAD - The financial oversight for Curaçao and Sint Maarten has been officially extended. On October 4, the Council of Ministers of the Kingdom of the Netherlands made this decision based on the recommendations of an evaluation committee that assessed the period from 2021 to 2023. Today, State Secretary Zsolt Szabó submitted a letter and the evaluation report to both the House of Representatives and the Senate.
The committee, composed of independent experts from Curaçao, Sint Maarten, and the Netherlands, concluded that both countries are still not meeting the established budgetary standards in a structural manner. These standards are outlined in the Kingdom Act on Financial Oversight for Curaçao and Sint Maarten, which aims to ensure sound financial management in the Caribbean countries.
According to the evaluation report, the COVID-19 pandemic significantly contributed to the ongoing financial challenges faced by the two countries. Although there has been some economic recovery since the pandemic, the committee believes that it is currently not feasible to lift the oversight. Therefore, the financial supervision will remain in effect for the time being.
The report emphasizes the importance of continuing the oversight as a mechanism to promote fiscal discipline and transparency. The next evaluation of the financial situation in both countries is scheduled to take place no later than 2027. The findings from this future assessment will determine whether the financial oversight can eventually be lifted or if further measures are necessary to ensure fiscal responsibility.