Not everyone will be happy that the financial supervision imposed on Curaçao and St. Maarten since 2010 was extended for a fourth time (see related story) by the Kingdom Council of Ministers. Many consider it an undesirable form of colonial control that essentially makes the autonomous country status gained per 10-10-10 a farce.
An evaluation committee found both Dutch Caribbean countries still do not meet the standards outlined in the Kingdom Act on Financial Supervision. However, it also acknowledged the significant economic challenges faced by the islands, particularly during the COVID-19 pandemic, as a mitigating factor.
The Committee for Financial Supervision CFT will continue to monitor the budgetary policies of Curaçao and St. Maarten until at least 2027. It is recommended that the next review take place no later than that.
The supervision will only be lifted once the two countries demonstrate their financial management is structurally sound. The respective governments and particularly Finance Ministers thus face an ongoing task to get their house in order.
St. Maarten’s incoming Mercelina II Cabinet will have three years to do so. That’s much of their term in office, barring any more political crises and early elections.
Rather than a restrictive burden, this matter should be viewed as a noble challenge.
