WILLEMSTAD – The Curaçao government has informed a visiting delegation of Dutch parliamentarians that it intends to establish an independent national Budget Chamber that would eventually replace the College financieel toezicht (Cft), the financial supervisory body responsible for monitoring government finances.
Prime Minister Gilmar Pisas presented the proposal during Wednesday's meeting between Curaçao's Council of Ministers and the Dutch House of Representatives' Standing Committee on Kingdom Relations.
The announcement comes ahead of a scheduled evaluation in 2027 of the Kingdom Act on Financial Supervision for Curaçao and Sint Maarten, the legislation governing the existing financial oversight framework.
According to the government, the proposed Budget Chamber would be an independent Curaçaoan institution responsible for budgetary oversight, offering an alternative to the current system of financial supervision under Kingdom legislation.
The government said the proposal is not new. It follows a motion adopted by the Curaçao Parliament on September 29, 2011, calling for the establishment of such an institution.
The renewed attention to the proposal comes as Curaçao and the Netherlands prepare for important discussions about the future of financial oversight and institutional responsibilities within the Kingdom.
The Cft currently plays a central role in monitoring Curaçao's public finances and advising on compliance with the financial standards established under the Kingdom Act.
Replacing this arrangement with a national institution would represent a significant change in the country's financial governance structure.
However, the government has not yet provided a timetable for establishing the Budget Chamber or explained how the transition from the existing supervisory system would be implemented.
It also remains unclear what legal changes would be required and how the proposed institution's independence, powers, and accountability would be guaranteed.
The planned evaluation of the Kingdom Act in 2027 could provide an opportunity to examine these questions.
Future of Dutch Reform Cooperation Also Discussed
Another major subject during the meeting was the approaching expiration of the Mutual Arrangement for Cooperation on Reforms, which provides the framework for cooperation between Curaçao and the Netherlands in implementing the Country Package, commonly known as the Landspakket.
The current agreement expires on April 4, 2027, and any extension requires the approval of the Curaçao Parliament.
Pisas informed the Dutch delegation about his government's discussions with the Netherlands concerning the future of the arrangement.
Parliament is scheduled to meet with the prime minister on Thursday, October 22, to discuss the possible extension.
The agreement, which entered into force in April 2023, supports reforms involving public finances, government administration, taxation, economic development, healthcare, education, and other institutional areas.
The Netherlands has already indicated its willingness to continue the cooperation for another two years.
In a policy response dated September 24, 2026, Dutch State Secretary Eric van der Burg explained that €30.9 million in previously allocated funding would be shifted to 2028 and 2029 to make a possible extension financially feasible.
Of that amount, €21.3 million would be allocated to 2028 and €9.6 million to 2029. The funding concerns the broader reform cooperation with Aruba, Curaçao, and Sint Maarten and should not be interpreted as an amount reserved exclusively for Curaçao.
The Dutch government has emphasized that extending the arrangement would require the Caribbean countries to demonstrate clear political commitment, establish priorities, and develop concrete plans for completing and sustaining reforms.
An independent evaluation conducted in 2026 concluded that the cooperation had helped initiate reforms but that structural changes required more time than the original arrangement provided.
For Curaçao, the question is therefore not simply whether Dutch financial and technical assistance should continue, but also under what conditions and with what degree of national control over reform priorities.
Balancing Autonomy and Financial Accountability
The government's proposal for an independent Budget Chamber adds another dimension to these discussions.
While Curaçao wants greater responsibility for its own financial oversight, the country would still need to demonstrate that a national institution could provide effective and independent scrutiny of government finances.
The distinction is important because financial supervision involves more than reviewing budget documents. It also requires reliable financial information, professional expertise, institutional independence, and mechanisms to ensure that government authorities respond to findings and recommendations.
An independent Budget Chamber would therefore need a clearly defined legal mandate, adequate resources, and safeguards against political interference.
The government's press release did not specify whether a future Budget Chamber would perform all the functions currently assigned to the Cft or whether some responsibilities would remain within the Kingdom framework.
Nor did it indicate whether the Netherlands has agreed in principle to replacing the existing supervisory arrangement.
These questions are likely to become important as the 2027 evaluation approaches.
The meeting with the Dutch parliamentary delegation also addressed broader development priorities, including food security, agricultural development, and poverty reduction.
Minister of Economic Development Roderick Middelhof presented developments surrounding the planned Agrarian Park Sint Joris, while Pisas explained the government's intention to use its Nation Building program to strengthen vulnerable neighborhoods.
These priorities illustrate the connection between financial governance and the government's broader development agenda.
The central challenge for Curaçao will be to demonstrate that greater institutional autonomy can be accompanied by credible financial accountability and effective public administration.
With the reform agreement approaching expiration in April 2027 and the financial supervision law due for evaluation next year, the coming months could prove significant for the future division of financial responsibilities between Curaçao and the Netherlands.