WILLEMSTAD - The General Pension Fund APC has strengthened its financial position in 2021. The coverage ratio at the end of December was 109.7%. The figures are in the annual report that was presented to Minister Javier Silvania last week.
According to the APC, this performance is special because the pension fund was affected by the Covid-19 pandemic and its effect on the global economy and international financial markets.
Share prices fell sharply as investors sought refuge in bonds and gold. The slump in oil prices also shook the financial markets, while the Brexit and trade war between the United States and China continued to smolder in the background. Locally, Curaçao suffered from a reduction in air traffic and a decline in tourism.
Sizeable stimulus measures and packages of emergency measures put in place by major central banks have helped to slow down the financial tightening.
This brought calmness to the stock markets and at the end of the third quarter, the markets recovered strongly as a result of the steady easing of the lockdowns. In the United States and Europe in particular, this led to a resumption of economic activities, resulting in positive results on the world stock markets.
In the year 2021, APC has further anchored its strategic vision and the chosen path for an innovative, solid, reliable and financially strong business model for the coming years, according to the annual report.
The pension fund will continue its strategic policy in the coming years in order to meet the challenges both locally and internationally for the benefit of its participants and retirees.