THE HAGUE--The financial supervision imposed on Curaçao and St. Maarten since 2010 will be extended once again, the Kingdom Council of Ministers decided on Friday, October 4, based on the recommendations of an evaluation committee.
This is the fourth time the financial supervision for Curaçao and St. Maarten has been extended. The committee found that both 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 nations, particularly during the COVID-19 pandemic, as a mitigating factor.
The Committee for Financial Supervision CFT will continue to monitor the budgetary policies of both Curaçao and St. Maarten until at least 2027. The committee recommends that the next review take place no later than 2027 and makes three recommendations to promote compliance with the standards.
Financial supervision will only be lifted once both countries demonstrate that their financial management is structurally sound.
The decision was made in the absence of State Secretary of Kingdom Relations Szabó, who was on a working visit to St. Maarten.
The Kingdom Act on Financial Supervision Curaçao and St. Maarten RFT has been in effect since October 10, 2010. This law establishes financial supervision aimed at ensuring that the two countries structurally comply with the budgetary standards, so that supervision will eventually become unnecessary.
