WILLEMSTAD – The Board of Financial Supervision Curaçao and Sint Maarten (Cft) has publicly expressed frustration with the Curaçao government for repeatedly failing to provide key financial information requested by the Kingdom watchdog, raising concerns about transparency and the government's willingness to address several important fiscal issues.
In its latest assessment of Curaçao's first-quarter financial performance for 2026, the Cft acknowledged that the country remains in compliance with budgetary rules and has posted a healthy surplus of 111 million guilders. However, much of the watchdog's letter focuses not on the positive financial results, but on information that the government has yet to deliver despite previous requests.
According to the Cft, one of the most significant omissions is the absence of a draft budget amendment for 2026. The watchdog had specifically requested that the amendment be submitted together with the first execution report, but it was not included. As a result, the Cft says it still lacks insight into the progress of several major government files, including the financial solution for Curaçao Medical Center (CMC) and the formal determination of the collective sector.
The letter reveals that this is not an isolated incident. The Cft notes that earlier requests have also gone unanswered, including a roadmap explaining how Curaçao intends to reduce its debt-to-GDP ratio and an analysis of declining compliance with tax and social premium payments. Both topics have been recurring concerns for the watchdog in recent years.
Particularly troubling for the Cft is the lack of progress regarding the collective sector, a legal requirement under the Kingdom Financial Supervision Act. The collective sector for 2025 and 2026 should have been established by April 2024. The deadline for determining the collective sector for 2027 and 2028 has also already passed. Yet the matter remains unresolved. The watchdog is once again urging the government to complete the process as soon as possible.
The information gaps extend beyond policy matters. The Cft points out that mandatory reports on the expenditures, revenues, deficits and debt levels of the collective sector for 2023 and 2024 are still missing. Without those reports, the watchdog says it cannot properly assess whether Curaçao is complying with legal limits on interest costs and debt obligations.
Questions also remain unanswered regarding the government's efforts to improve tax collection. While Curaçao has stated that a reform plan for the Office of the Receiver is being implemented and monitored by SOAB, the execution report contains little information about what measures have actually been carried out or whether they are producing results. The Cft specifically requested a detailed update in the next report.
Another request ignored by the government concerns tax compliance. Earlier this year, the watchdog warned about declining compliance with payroll tax obligations and asked for a comprehensive analysis of compliance across various taxes and social insurance premiums. That analysis was not included in the first-quarter report, forcing the Cft to repeat the request.
Even in the rapidly growing gaming sector, the watchdog says it lacks visibility. Revenue from online gaming licenses and land-based casinos is recorded under "other revenues," but the execution report provides no detailed breakdown. The Cft notes that this prevents it from monitoring how much revenue the sector is actually generating for the government.
The letter suggests a growing pattern in which the government is meeting headline budget targets while failing to provide supporting information requested by its financial supervisors. Although the Cft praised Curaçao for improving certain aspects of financial reporting and openly acknowledging weaknesses in internal controls, the watchdog made clear that compliance with budget rules alone is not sufficient. Transparency, accountability, and timely reporting remain essential components of sound public financial management.
With geopolitical uncertainty increasing and economic risks looming internationally, the Cft is now urging the government to treat these outstanding requests as a priority. Until the missing information is delivered, several important questions about Curaçao's debt strategy, healthcare financing, tax compliance, and public-sector governance remain unanswered.