WILLEMSTAD – The government of Curaçao closed 2024 with total revenues of 1.938 billion guilders, and an additional 17 million in late incoming revenues is still expected. This brings the projected total for 2024 to approximately 1.955 billion guilders—nearing the 2 billion mark.
According to the fourth-quarter budget implementation report, this figure is 34 million guilders higher than initially projected in the 2024 approved national budget. The increase is primarily attributed to stronger-than-expected tax revenues, particularly from sales tax (omzetbelasting), income tax, and import duties. Additionally, Curaçao received a higher subsidy from the Netherlands for the implementation of reforms under the so-called "Landspakket" agreement.
However, not all revenue sources met expectations. The report notes that certain other revenues fell short due to weaknesses in internal financial management—though specific details were not provided. Notably, income from gaming license fees was not specified in the report. The Financial Supervisory Board (Cft) has requested further discussions with the Curaçao government to gain clarity on these points.
Government Spending Below Budget
On the expenditure side, Curaçao recorded 1.797 billion guilders in spending through Q4 of 2024 and anticipates an additional 95 million in post-year-end costs. The total projected expenditure for the year is 1.892 billion guilders—10 million less than the approved budget.
The shortfall in spending is primarily due to lower personnel costs and reduced interest payments. The reduction in wage-related expenses is partly the result of a significant outflow of public sector employees and lower-than-budgeted salary increases. Meanwhile, the drop in interest payments is linked to the recent agreement on the Ennia settlement, which included a refinancing of Curaçao’s COVID-era liquidity support loan at a reduced interest rate. The Cft had previously urged the government to incorporate this change to better reflect the current financial reality.
Investments Reach 133 Million Guilders
The government also reported that 133 million guilders were invested in various public projects throughout 2024, although further breakdowns were not immediately available in the implementation report.
The financial developments mark a notable step in Curaçao’s efforts to strengthen its public finances, but challenges remain—particularly in areas such as revenue management and internal controls. The Cft is expected to continue working closely with the government to address these issues in the coming year.
