WILLEMSTAD — The 2023 annual accounts of the Government of Curaçao expose more than accounting irregularities; they reveal structural weaknesses in financial governance that have left over 700 million guilders in state loans without a proper legal foundation, according to the Algemene Rekenkamer Curaçao.
In its audit of the 2023 government accounts, the Audit Chamber concludes that two major loans — one linked to the Curaçao Medical Center and another routed through the Central Bank for GI-RO Settlement Holding — were entered onto the state balance sheet without meeting basic legal requirements. As a result, both are classified as unlawful obligations that continue to distort Curaçao’s financial position.
The largest of the two concerns a loan of nearly 433 million guilders recorded as financing for Hospital Nobo Otrobanda Vastgoed en Beheer N.V., the real estate entity behind the Curaçao Medical Center. Although the funds were provided in 2020, the Audit Chamber notes that no formal loan agreement has ever been concluded. Without a written contract, there is no clarity on interest terms, repayment conditions, or enforcement mechanisms.
Five years later, the loan remains on the government’s books without any legal regularization. The Audit Chamber states that this lack of formalization makes it impossible to determine under what conditions public funds were made available and how the state’s financial interests are protected.
The second case involves a 291 million guilder loan issued in 2020 through the Centrale Bank van Curaçao en Sint Maarten for the benefit of GI-RO Settlement Holding. According to the Audit Chamber, the transaction was entered into without the legally required authorization by the Minister of Finance via a formal government decree. As a result, the obligation does not comply with statutory rules governing public borrowing.
Crucially, the Audit Chamber stresses that these cases cannot be dismissed as isolated administrative oversights. The continued presence of both loans on the balance sheet, year after year, without corrective action, points to systemic shortcomings in financial control and legal compliance within government decision-making.
Because these obligations lack a valid legal basis, the Audit Chamber concludes that the 2023 annual accounts fail to present a reliable picture of the financial position of the Country of Curaçao. The situation also undermines parliamentary oversight, as the Estates cannot properly exercise their budgetary authority when large financial commitments are entered into without transparent authorization or documentation.
With its findings, the Audit Chamber underscores that strict legal grounding and formal decision-making are not procedural formalities, but essential safeguards for democratic control and financial accountability. Without them, Curaçao remains exposed to unclear risks and weakened confidence in public financial management.