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. Labor Market Developments, 1998–2006 3. Operations of the General Government, 2000–05 4. Operations of the Central Government, 2000–05 5. Operations of the Island Government of Curaçao, 2000–05 6. Financing of the General Government, 1999–2004 7. General Government Debt, 1999–2004 8. Balance of Payments, 2000–05 9. External Debt, 1999–2004 10. Flow of Development Aid, 1992–2004 11. Monetary Overview, 1999–2004 12. Structure and Performance of the Banking System, 2000–04 13. International Financial Sector, 1994–2004 14. Nonbank Financial

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Antilles. 6. Despite the hike in oil prices, the underlying rate of inflation in the Netherlands Antilles has remained low ( Figure 2 ). The fixed exchange rate against the U.S. dollar helped anchor inflation expectation. In addition, the government has absorbed a large part of the oil price increase. At the end of 2005, the island government of Curaçao established an energy fund to absorb further increases in the oil price. This fund was financed by the island government and the oil distribution company, CUROIL. The gradual phasing-out of economic levies in

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This Selected Issues paper for the Kingdom of the Netherlands reports the Antillean economy lacks natural resources and is open and undiversified, relying mainly on exports of services such as tourism, international financial services, shipping, and oil refining. Exports and domestic consumer spending, both private and public, drove the economic recovery. Economic growth in the United States and the appreciation of the euro against the national currency contributed to the strong performance in the tourism sector.
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. Concluding Remarks Tables 1. Budget Balances of the Central Government and the Island Government of Curaçao, 1994–99 2. Main Fiscal Adjustment Measures Adopted Under the 1996–97 Program Boxes 1. Coverage of the General Government III Sustainability of the Public Pension System A. Introduction B. Recent Reforms of the Public Sector Pension Scheme C. Evaluating the Current Situation D. Avenues for Further Reform E. Bibliography Tables 3. Pension Premiums of the Central Government and the Island Government of Curaçao, 1993–99 4

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. Recent Monetary and Financial Developments V. External Sector Developments A. Recent Balance of Payments Developments B. Trade Policy Developments C. Exchange and Payments System Appendix I: The Tax Structure Text Box 1. Development Aid Text Tables 1 Composition of GDP in 1993 2 General Government Revenue and Expenditure, 1986–97 3 General Government Debt, 1990–96 4 Guarantees Provided by the Central Government and the Island Government of Curaçao 5 Impact of Fiscal Measures in 1996 6 Unanticipated Deviations and the Fiscal Outturn in

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, 1996-2002 10. Operations of the Central Government, 1996-2002 11. Operations of the Island Government of Curaçao, 1996-2002 12. Financing of General Government, 1996-2001 13. General Government Debt, 1996-2001 14. Monetary Survey, 1992-2002 15. Commercial Bank Credit to the Private Sector, 1992-2002 16. Interest Rates, 1992-2002 17. Structure and Performance of the Banking System, 1994-2002 18. Nonbank Financial Intermediation: Insurance Companies, 1994-2000 19. International Financial Sector, 1994-2002 20. Balance of Payments, 1996-2001 21

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, 1992–97 2. Components of Aggregate Demand, 1992–97 3. Selected Indicators of Economic Activity, 1992–2000 4. Basic Data on Stay-Over Tourism, 1992–2000 5. Cruise Tourism, 1990–2000 6. Changes in Consumer Prices, 1992–2000 7. Minimum Wages 8. Employment, Unemployment, and Migration, 1990–2000 9. Operations of the General Government, 1996–2000 10. Operations of the Central Government, 1996–2000 11. Operations of the Island Government of Curaçao 12. Financing of General Government, 1996–2000 13. General Government Debt, 1996–2000 14. Monetary

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, Labor and Social Affairs, the State Secretary for Privatization, the Commissioners of Finance, Health, and Economic Affairs of the Island Government of Curacao, and senior officials of the central bank, the administrations of the Central Government and Island Government of Curacao, the civil servants’ pension fund, the public health insurance institutions, the Privatization Foundation, and the statistics office. The mission also met with representatives of banks, institutional investors, labor unions, the private employers’ federation, the tourism association, and the

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financial viability of the public sector pension system . Properly assessing the system’s sustainability requires a more comprehensive analysis of all public sector pension obligations and the broader effects of population aging. Table 3. Netherlands Antilles: Pension Premiums of the Central Government and the Island Government of Curaçao, 1993–99 1/ (In millions of NA guilders) 1993 1994 1995 1996 1997 1998 1999 Central government Employees 6.7 8.3 9.1 9.6 9.9 10.4 10.4 Employers 76.2 78

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too small and further measures are needed to strengthen budget implementation. The analysis covers both the central government and the island government of Curaçao (see Box 1 ). A. Legacy of Fiscal Problems Overview 4. The fiscal imbalance in the mid-1990s resulted from a deterioration that started with large wage increases in 1992 . The six-year average of the deficit as a percentage of GDP prior to 1992 was only 1.0 percent, but between 1992 and 1995 the average rose to 4.0 percent of GDP. 3 During 1986-91, the Netherlands Antilles experienced a