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International Monetary Fund. Western Hemisphere Dept.
Weak growth and underlying structural vulnerabilities persist in both Curaçao and Sint Maarten. Worsened macroeconomic conditions—reflecting the spillovers from one of Curaçao’s largest trading partners and the devastation from Hurricanes Irma and Maria in Sint Maarten—make the need for policy adjustment and structural reforms aimed at ensuring fiscal sustainability, enhancing competitiveness, strengthening investor confidence, and developing capacity more urgent.
International Monetary Fund. Western Hemisphere Dept.

not compiled. In Sint Maarten, the DoS has released the new quarterly CPI with the base year of 2018=100, although the series are not linked to the old data and therefore inflation for 2018 is not available. Government finance statistics : The Ministries of Finance of Curaçao and Sint Maarten provide fiscal data that can broadly be bridged to the cash framework of the GFSM format. Fiscal reporting standards follow national presentations, and some improvements are needed in mapping and consolidating fiscal data according to the GFSM 2014 standards. The

International Monetary Fund. Western Hemisphere Dept.

: Neither country compiles PPIs or XMPIs; Curaçao compiles a monthly CPI and Sint Maarten a bi-monthly CPI. Measures of core inflation are not readily available. For Sint Maarten, there are no data on inflation for 2018 as the Department of Statistics discontinued the CPI processing system in end-2017 and is working on a new system which will be rolled out in January 2019, with the base year of 2018. Government finance statistics: The Ministries of Finance of Curaçao and Sint Maarten provide fiscal data that can broadly be bridged to the cash framework of the GFSM

International Monetary Fund. Western Hemisphere Dept.
The COVID-19 pandemic inflicted another major shock on the economies of Curaçao and Sint Maarten, which followed category 5 hurricanes in Sint Maarten in 2017 and the spillovers of the Venezuelan crisis on Curaçao. Despite the substantial response measures financed by The Netherlands, the economic contraction in 2020 was severe.
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.