THE HAGUE – The Dutch government intends to evaluate the refinancing of the COVID-era liquidity loans provided to Curaçao, Aruba and Sint Maarten, opening the door to a broader assessment of one of the most important financial interventions made during the pandemic.
The planned evaluation appears in the Strategic Evaluation Agenda accompanying the proposed 2027 Kingdom Relations budget.
The refinancing of liquidity loans to all three Caribbean countries is listed for an ex-post evaluation, although the document does not yet provide a completion date.
For Curaçao, the issue involves hundreds of millions of guilders.
Curaçao received liquidity financing between 2020 and 2022 as the pandemic severely affected economic activity and government revenues.
In October 2024, Curaçao’s liquidity loans were refinanced for 20 years at an interest rate of 2.9 percent.
As of August 1, 2026, the outstanding amount recorded by the Netherlands was XCG 842.2 million, equivalent in the Dutch budget to approximately €414.3 million.
The eventual evaluation could provide insight into the financial consequences of the refinancing arrangements and their contribution to sustainable public finances in the Caribbean countries.