WILLEMSTAD – Finance Minister Charles Cooper is demanding that the Board for Financial Supervision (Cft) correct public statements claiming that Curaçao overspent on subsidies in 2025. In a sharply worded letter sent to Cft chairwoman Lidewij Ongering, Cooper argues that the Cft’s interpretation of the figures is incorrect and has caused unnecessary confusion among the public.
The dispute centers on the Cft’s recent response to the third-quarter financial report. In that response, the Cft asserted that Curaçao’s subsidy expenditures amounted to 336 million guilders up to the third quarter, while the budget for that period allowed only 264 million guilders. According to the Cft, this meant Curaçao overspent by 72 million guilders.
Cooper disputes that conclusion. He states that the approved 2025 national budget includes 440.8 million guilders for subsidies and transfers. Based on that total, Curaçao was permitted to spend 330.6 million guilders by September 30.
Actual expenditures reached 336 million guilders, leaving a difference of 5.4 million. Cooper attributes that difference to the payment of the basic premium to subsidized foundations and government-related entities.
“This payment is included in the budget, but when disbursed it is recorded under subsidies and transfers,” Cooper explains. He stresses that this accounting detail does not amount to a 72 million guilder overrun.
The discrepancy between the Cft’s position and the minister’s argument lies in the methodology each uses to assess the expenditures. The Cft relies on its own period-based planning, which allocates 264 million guilders for the first nine months. Cooper stands by the officially approved annual budget, which allows for higher cumulative spending by the end of September.
Cooper also criticizes the Cft for what he calls an “extremely careless” approach. He says the oversight body did not ask any clarifying questions about the third-quarter report before publicly issuing its conclusions. “Civil servants have confirmed that the Cft secretariat never made inquiries about the third-quarter report, unlike previous reports,” he writes.
The minister argues that the Cft’s statements have caused “unnecessary consternation” in society and is requesting a formal correction. He says a written rectification is needed to restore an accurate understanding of Curaçao’s financial position.