WILLEMSTAD – The Board of Financial Supervision (Cft) says Curaçao’s approved 2026 budget no longer provides an accurate picture of the country’s actual financial situation and has expressed concern that the government has still not submitted a promised budget amendment.
The Cft said the amendment was already requested in connection with the first implementation report of 2026. It was expected to address recommendations related particularly to the Curaçao Medical Center and the financing of the AOV pension increase that took effect on January 1.
However, the amendment was still absent from the second implementation report submitted in late August.
The financial supervisor said the discrepancy between the approved budget and actual developments has become significant enough that changes are now required.
“The budget therefore does not provide an accurate representation of reality,” the Cft concluded.
Among the items requiring adjustment are subsidies and transfers, social security expenditure, other expenses and tax revenues.
Subsidies and transfers have exceeded projections partly because of the payment of the Bashi premium at the beginning of 2026. Spending on income support and emergency assistance has also been higher than budgeted.
At the same time, tax collections are performing substantially better than originally projected, meaning revenue estimates also need to be updated.
The Cft said it first requested the budget amendment during consultations surrounding the approved 2026 budget. Neither the first nor the second implementation report contained the promised document.
“That no draft budget amendment has been submitted as of September 2026 concerns the Cft,” the financial supervisor stated.
The Cft is calling on the Cooper administration to bring the budget into line with the financial developments that have occurred during the year.