THE HAGUE – The government of Curaçao has failed to implement a required budget amendment on time, resulting in the country being unable to borrow XCG 32 million from the Netherlands this year as initially planned.
Earlier this summer, the College for Financial Supervision (Cft) issued a positive recommendation on the request by the Pisas cabinet to borrow XCG 147.7 million from the Netherlands. However, XCG 32 million of that amount had not been formally included in Curaçao’s approved budget. Under financial regulations, a budget amendment was therefore required before the full loan could be authorized.
Because the amendment was not submitted and approved in time, the Dutch Council of Ministers on Friday granted approval for a reduced loan amount of only XCG 115.7 million.
The shortfall limits Curaçao’s borrowing capacity for the current year and underscores the importance of timely budgetary procedures, particularly in the context of financial oversight arrangements between Curaçao and the Netherlands.