WILLEMSTAD - The Advisory Council (RvA) believes that the government of Curaçao has rightly asked the Kingdom Council of Ministers for smoother financial supervision due to extraordinary circumstances but adds that Curaçao must demonstrate what the damage is and how it can be repaired and managed.

This became clear from a recently published opinion. Curaçao appealed to Article 25 of Curaçao and Sint Maarten Financial Supervision Act (Rft) in the Netherlands and at the same time the RvA was asked to assess this appeal. Article 25 of the Rft stipulates that deviations from the financial standards can be made if the damage is caused by extraordinary events.

And these extraordinary events, which are not further described in the Kingdom Act, have a negative impact on the economy according to the Curaçao government, which in turn has a direct effect on public finances.