PHILIPSBURG, WILLEMSTAD - Finance Minister Marinka Gumbs of Sint Maarten has voiced strong opposition to the current agreement aimed at rescuing Ennia pensions, labeling it as heavily skewed against her country. Gumbs contends that it is unfair for Sint Maarten to shoulder the financial burden stemming from problems originating in Curaçao.
The agreement in question was established to avert the bankruptcy of the Ennia insurance company, which had been looted by its owner, Ansary, and to protect the pensions of around 30,000 policyholders. In April, the framework agreement, crafted by the Central Bank of Curaçao and Sint Maarten (CBCS), was signed by both governments. While the Parliament of Curaçao has already approved the deal, it is still awaiting approval from Sint Maarten's parliament in Philipsburg.
Recently, the CBCS pressed for a swift decision, warning that Ennia is on the brink of bankruptcy. However, a parliamentary meeting in Sint Maarten intended to discuss the issue was canceled due to what was described as a "misunderstanding." Minister Gumbs, who planned to present her objections during this meeting, has instead shared her concerns publicly with the people of Sint Maarten.
Gumbs emphasized that Sint Maarten does not require this agreement to secure the pensions of its approximately 3,000 policyholders. She argued that the financial troubles largely stem from Curaçao and expressed concerns that Curaçao may not fulfill its financial commitments to the Ennia rescue plan. This shortfall could negatively impact the CBCS and, by extension, Sint Maarten due to their shared monetary union. Gumbs also pointed out that Sint Maarten is being asked to contribute to the rescue plan for policyholders in the Caribbean Netherlands and Suriname, further exacerbating the perceived imbalance.
Another key concern for Gumbs is the uneven distribution of operational costs associated with the rescue, with Curaçao standing to benefit the most from Ennia's survival. "The current terms are unacceptable," Gumbs stated.
In response to these concerns, a technical team from the Central Bank is exploring the possibility of addressing Sint Maarten's objections by adding an addendum to the agreement. A draft of this addendum was sent to Philipsburg on Monday and is currently under review. The situation has been further complicated by the Curaçao government's last-minute rejection of a solution proposed by the Netherlands, leading the previous Sint Maarten government to agree to the CBCS plan in exchange for a reduced interest rate on its COVID loan.
As the discussions continue, the fate of the Ennia pension rescue remains uncertain, with significant implications for both Sint Maarten and Curaçao.