THE HAGUE - The governments of Curaçao and Sint Maarten have expressed their desire to end financial oversight imposed by the Kingdom Council of Ministers or at least to receive a timeline for its conclusion. This request was raised during discussions with the commission that evaluated the operation of the Kingdom Law on Financial Supervision.
However, their wish has not yet been granted. On the advice of the commission, the Kingdom government has extended the supervision until 2028. The two countries have been "invited to continue working with the Committee for Financial Supervision (Cft) and the Netherlands on achieving sustainable public finances and sound financial management," according to the Ministry of the Interior and Kingdom Relations (BZK).
The evaluation commission made three recommendations: developing a framework for assessment, better use of the legal possibilities within the Kingdom Law on Financial Supervision (Rft), and ensuring independent institutions. The commission suggested that the Cft and the countries work together to create a framework for objectively determining whether budgetary standards are being met. It also highlighted the opportunity for countries to make strategic investments within the guidelines of the Rft. Lastly, the commission advocated for further strengthening government finances by establishing strong, independent institutions.
Financial supervision was introduced in 2010 when Curaçao and Sint Maarten became autonomous countries, and the Netherlands took over about 70 percent of their debt. State Secretary for Kingdom Relations, Szabó, emphasized: "The goal of the law remains sustainable public finances and sound financial management. This is a key condition for the self-reliance of the countries. I look forward to continuing to work together with the countries on this important path."