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International Monetary Fund. Western Hemisphere Dept.
This 2019 Article IV Consultation focuses on Curaçao and Sint Maarten’s near and medium-term challenges and policy priorities and was prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. The fiscal position in Curaçao improved in the past two years, in part due to implemented fiscal measures. Both Curaçao and Sint Maarten would benefit from introducing a Fiscal Responsibility Framework. It could incorporate a central government debt ratio as a long-term anchor and operational rules calibrated to meet it. The report suggests that risks in the financial sector need to be addressed as a matter of priority. The authorities should develop a strategy for addressing financial sector vulnerabilities with the objective of preserving financial stability while minimizing fiscal costs. Significant strengthening of supervision and a complete overhaul of the bank resolution framework are also urgently needed. An across-the board improvement in the governance framework should be a key priority in both countries. Vulnerabilities in the financial system point to the need to strengthen governance in the financial sector.
International Monetary Fund. Western Hemisphere Dept.

Article IV Consultation Discussions with Curaçao and Sint Maarten on January 15, 2019, on the basis of IMF Country Report No. 19/23. Technical Assistance (2018–January 2020) : Curaçao 1. Key reforms in public financial management (CARTAC, February 2018) 2. Scoping mission in tax and customs administration areas (CARTAC, June 2018) 3. National accounts review (CARTAC, July 2018) 4. Reforming the Curaçao payroll process to improve controls and cost management (CARTAC, October 2018) 5. Tax administration: organizational arrangements and implementation