THE HAGUE - Chairwoman Lidewijde Ongering of the Financial Supervision College (Cft) delivered a compelling message during the InterExpo congress at The Hague's Nieuwspoort, highlighting the need for coordinated efforts to bolster the economies of Aruba, Curaçao, Sint Maarten, Bonaire, Sint Eustatius, and Saba.
Ongering emphasized the abundance of plans in place but stressed the importance of strength, courage, and proactive measures to execute these plans and confront challenges from the past. Notably, she pointed out that while the Netherlands is extensively involved with the islands, the lack of coordination hampers their ability to make a meaningful impact.
An illustrative case she mentioned was the opening of the EZK toolkit, comprising the National Growth Fund, SDE++, and various guarantee schemes. Ongering acknowledged it as an essential gesture but lamented the challenging practical implementation.
She underscored the crucial role of supervision, not just by the Cft but also by entities such as Audit Offices, advisory councils, and institutions like the Central Banks. Ongering called attention to the current economic growth, urging stakeholders to seize the moment and capitalize on opportunities for sustainable public finances. Structural surpluses in budgets, she claimed, could be expanded further with the right policies.
"Now is the time to act and focus on both investments and debt repayment. To capitalize on economic opportunities, the (is)lands must ensure that prerequisites are in order, including financial management and various reforms," Ongering declared.
Highlighting the strong connection between sustainable public finances and economic growth, Ongering deemed it 'relevant' for the islands to collaborate in boosting their economic development, respecting their unique differences.
While acknowledging the harsh economic impact of the pandemic on island economies, Ongering recounted the challenges faced by Curaçao, Aruba, and Sint Maarten in the past decade, emphasizing the need for a coordinated recovery effort.
However, Ongering expressed optimism, stating that these countries have 'found the way up,' and now is the opportune moment to provide an extra push for their economies. She highlighted specific challenges, such as Aruba's tourism-dependent economy and the lingering effects of hurricanes on Sint Maarten, calling for targeted interventions.
In conclusion, Ongering acknowledged the setbacks caused by COVID-19 but emphasized the strong recovery underway, especially noting Aruba's multi-year (real) growth rate of around 1.5 percent. The call to action resonated with attendees, emphasizing the need for collaborative efforts and coordinated strategies to ensure the economic well-being of the Dutch Caribbean islands.