THE HAGUE - “For Curaçao, 2019 was dominated by an advice for financial instruction and the Growth Agreement signed with the Netherlands in January. For Sint Maarten, the year 2019, just like 2017 and 2018, was dominated by reconstruction and recovery of the country's finances. On Bonaire, Sint Eustatius and Saba, people were particularly occupied with the financial management that remains of an insufficient level on Bonaire, the temporary Neglect of Tasks Act on Sint Eustatius and the special payment and the resulting pressure on the budget for Saba in particular.”
This is how chairman Raymond Gradus of the Financial Supervision Board (CFT) summarizes 2019 in his foreword to the annual report. “The corona crisis changed the world from 2020 onwards. The financial, economic, and social consequences of the pandemic were also very far-reaching for the Caribbean part of our Kingdom. The countries are highly dependent on tourism, which came to a complete standstill with the closure of the airspaces and ports. Businesses experienced major consequences and the islands had to contend with budget deficits due to sharply reduced revenues and additional expenditure. Liquidity support was necessary. In addition to regular advice on the budget process, the Curaçao and Sint Maarten Financial Supervision Board and the Aruba Financial Supervision Council advised the Kingdom Council of Ministers (RMR) on liquidity support to the countries and the associated conditions. The public entities were included in the Dutch support measures.”
“In 2020, in addition to their regular duties, the boards issued advice to the RMR on liquidity support or related topics twenty-seven times. As a professional and independent supervisor and advisor to the RMR, the colleges have hopefully been able to make a positive contribution to coping with the consequences of the corona crisis, without losing sight of the importance of sustainable public finances," says Gradus.
Undersecretary of Kingdom Relations Raymond Knops also sent the report of the CFT for the first half of the year to the Second Chamber of the Dutch Parliament today.