WILLEMSTAD – The Financial Management Report (FMR) for the fourth quarter of 2025 confirms many of the concerns that oversight institutions have raised for years about Curaçao’s public finances and governance. The findings closely mirror earlier warnings from the College financieel toezicht (Cft) and the Algemene Rekenkamer Curaçao, reinforcing the conclusion that structural weaknesses remain largely unresolved.
The report shows that despite reform programs, action plans and repeated commitments, fundamental problems in financial control, transparency and execution capacity persist. Issues such as incomplete data, delayed reforms, fragmented governance and insufficient risk insight have all featured prominently in earlier audit reports and advisory letters. The FMR now acknowledges these shortcomings from within the government itself.
Oversight bodies have long warned that progress on paper does not automatically translate into effective change. The FMR supports this assessment by showing that many reforms remain procedural rather than operational. Measures are often described as “ongoing,” “in development” or “planned,” while concrete results in day-to-day financial management remain limited.
The report also aligns with earlier concerns about the erosion of budget discipline when projects are approved without full financial coverage and when parliamentary oversight is weakened by late or incomplete information. Both the Cft and the General Audit Chamber have repeatedly stressed that such practices increase fiscal risk and undermine democratic accountability.
Another recurring theme is the lack of a comprehensive overview of risks within the collective sector. The FMR confirms that key entities are still not fully consolidated into financial reporting, a point that oversight institutions have highlighted as a major vulnerability, particularly in light of demographic pressures and rising healthcare costs.
By echoing these earlier warnings, the FMR underscores that Curaçao’s financial challenges are not incidental but structural in nature. The report suggests that meaningful improvement will require not only new plans, but sustained implementation, clearer accountability and stronger institutional coordination.
Taken together, the findings indicate that while reform intentions remain in place, the gap between ambition and execution continues to define Curaçao’s public financial management. The confirmation of long-standing oversight concerns adds urgency to calls for deeper, more decisive action to strengthen governance and restore confidence in the country’s financial framework.