WILLEMSTAD - The Board of Financial Supervision (Cft) has issued a strong warning to the Curaçao government after discovering a 72 million-guilder overspend on subsidies and transfers in the first three quarters of 2025. The findings were detailed in the third execution report submitted by the government — a report the Cft says lacks critical explanations.
According to the report, Curaçao had budgeted 264 million guilders for subsidies and transfers for the first nine months of the year. Actual spending, however, reached 336 million guilders, leaving a significant gap of 72 million.
Government Fails to Specify Which Subsidies Increased
The government attributes the spike to higher subsidy expenses but does not specify:
which subsidies were increased,
why the costs rose so sharply, or
whether the increase is structural or incidental.
The Cft also noted that the report does not include a revised annual forecast, leaving uncertainty about whether the overspending will continue in the final quarter of 2025.
Cft Demands Written Explanation From Minister Cooper
Calling the situation “worrying,” the Cft has asked Finance Minister Charles Cooper to provide a detailed written explanation. The government must clarify:
the causes of the budget deviation,
what corrective measures are being taken, and
whether these higher expenditures are expected to persist.
Overspend Occurs Despite Expected Year-End Surplus
The warning comes at a time when Curaçao is on track to close 2025 with a surplus on the regular budget. Precisely for that reason, the Cft stresses the importance of strict expenditure control to ensure that funds can be allocated to investment projects and debt repayment, both critical for strengthening long-term financial stability.
The Cft will continue monitoring the situation closely and expects the government to address the overspending with urgency and transparency.
As chairman of Fundashon Pro Monumento, known for protecting heritage, landscape and historic urban environments, Klaus also emphasized the importance of strong nature management and purposeful tropical design as core components of climate adaptation.
The message from the Climate Change Platform meeting was clear: Curaçao must redesign its urban future to keep the island livable in a warming world.