The financial supervision for Curaçao and St. Maarten, as regulated by the
Kingdom Act Financial Supervision Curaçao and St. Maarten (Rft), is extended.
On 4 October, the Council of Ministers of the Kingdom reached this decision
on the basis of the opinion of the Rft Review Committee 2024 on the period
2021-2023. To this end, State Secretary Szabó is sending a letter and the report
from the Review Committee to the Senate and the House of Representatives
today.
The Review Committee, consisting of independent experts from Curaçao, St.
Maarten, and the Netherlands, concluded in its report that the two countries do not
yet structurally meet the budget standards set out in the Rft. The Committee argues
that the Covid-19 pandemic contributed significantly to this. Despite recovery of the
economy after the Covid-19 pandemic, the Committee does not consider the
termination of the supervision to be possible at this time. Hence, the supervision
remains in place. A further review will take place no later than 2027.
The Committee provides three main recommendations: development of an
assessment framework, better use of the legal options within the Rft, and the
safeguarding of independent institutions. For instance, the Review Committee argues
that the Financial Supervision Board (Cft) and the countries should jointly develop a
framework to objectively determine compliance with the budget norms.
The Committee further notes the possibility for countries to be able to make strategic
investments within the norms of the Rft. Finally, the Committee advocates the further
strengthening of the foundation of the public finances through the establishment of
strong, independent institutions.
State Secretary Szabó: “The aim of the law is and remains, sustainable public
finances and sound financial management. This is an important prerequisite for self-
reliance of the countries. I look forward to continuing to work together with the
countries on this important process”.
The countries of Curaçao and St. Maarten indicated that they want prospects of a
future without supervision. The Council of Ministers of the Kingdom therefore invited
both countries, together with the Cft and the Netherlands, to continue working on
sustainable public finances and sound financial management.
The supervision is carried out by the Council of Ministers of the Kingdom, in the
course of which the Cft has a signalling and advisory role. The Rft came into force in
2010 and had a term of five years. The supervision may, after a review, be extended
for three years at a time.
Financial supervision Curaçao and St. Maarten extended
