THE HAGUE – A decision on whether the Netherlands will refinance loans for Curaçao and St. Maarten, which are set to expire in October, remains uncertain for now, Dutch Minister of Interior and Kingdom Relations Judith Uitermark told the Dutch Parliament. 

It was revealed several weeks ago that both Caribbean countries are unable to meet their repayment obligations. According to the Financial Supervision Board (Cft), Curaçao can repay at most €40 million of its €139.7 million loan. St. Maarten, for its part, is unable to repay any of its €73.5 million debt. 

In a written response to questions from the Parliamentary Committee for Kingdom Relations, Uitermark noted that the Cft has repeatedly warned both governments since 2022 to set aside sufficient funds in their budgets to prepare for repayment. 

The minister stressed that the Netherlands does not have direct control over the countries' budgets: “Public finances are a national matter and thus the responsibility of the respective governments.” 

While refinancing appears to be the only viable option, a final decision will not be known until later this month, when the Revised Budget Memorandum on the first supplementary budget is published. This will still give the Dutch Parliament time to weigh in. 

Several more loans issued by the Netherlands to the Caribbean countries are scheduled to mature in the coming years. Uitermark announced she will engage in discussions with the respective governments to ensure future debt obligations are met. The Cft has also advised the Dutch government to implement strict repayment conditions for any future loans.