No matter how you look at it, the new Caribbean Body for Reform and Development COHO that is to supervise restructuring measures as a condition for coronavirus-related liquidity loans from the Netherlands will take getting used to for politicians in St. Maarten, Aruba and Curaçao. The latter two countries even face elections in the knowledge that to-be-elected representatives and the ministers they nominate cannot fully call the shots during the coming months because of COHO’s dominant role when implementing the so-called “packages” agreed on.
While the related kingdom law will not formally infringe on the authorities of either the legislature or government, its oversight function backed by Dutch funding in practise translates to influence. And the islands, desperately in need of continued financial assistance from The Hague due to their dire present socioeconomic circumstances, are left with little choice but to accept that reality.
One could perhaps compare it to a big company suddenly under threat of bankruptcy due to unexpected external developments finding investors who will then bring in their turnaround crisis team to save the business and associated jobs. Those in current management may have to take a step back for the common good.
