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International Monetary Fund. Monetary and Capital Markets Department
The CBvCSM is the sole supervisory authority for all regulated financial institutions operating locally and in the offshore (or international) sector, as well as the stock exchange in Curacao and St Maarten. The financial sector comprises different types of institutions, which include banks and non-bank institutions, insurance companies (both Life, and Non-life), securities intermediaries, asset management firms, investments institutions, fund administrators, management of pension funds, reinsurers, and trust companies.
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.
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
This paper discusses detailed assessment of compliance with the Basel Core Principles for effective banking supervision for the Kingdom of the Netherlands—Aruba. Aruba’s offshore banking sector is small by international standards, with only two institutions registered. The mission also recommends that the Central Bank of Aruba (CBA) meet with management to better understand their plans for their Aruban operations and their financial results. Aruba remains open to foreign investment and migrant workers, who make up 40 percent of the population and have been key contributors to economic growth.
International Monetary Fund
The 2008 Article IV Consultation analyzes the promise of fiscal discipline and debt relief that has boosted investor confidence and growth in the Kingdom of the Netherlands—Netherlands Antilles. Although exports moderated temporarily, tourism was a bright spot owing to improvements in competitiveness as a result of infrastructure investments, and cost controls from immigration. Executive Directors encouraged the authorities to take the opportunity provided by the large debt relief from the Netherlands government under the dissolution agreement to set the budget and the economy on a more sustainable footing.
International Monetary Fund
This 2005 Article IV Consultation for the Netherlands Antilles’ reports that economic growth has been feeble so far in this decade, in the midst of economic policy drift. Growth has been constrained by still inflexible labor markets, widespread state ownership and interference in commercial activities, and insufficient investment in infrastructure and human capital. At the same time, free migration to the Netherlands has kept wages high. Persistent budget deficits and a large and growing public debt have also remained unaddressed.
International Monetary Fund
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.
International Monetary Fund
The past decade has witnessed a progressive weakening of the Antillean economy, and prospects for a recovery depend on reinvigorating and sustaining adjustment. There is a need for more vigorous reforms, well coordinated across governments and supported by building social consensus. Fiscal policy can support growth over the medium term by reforming the tax system and lowering the tax and administrative burden on the private sector. Continuing progress with structural reforms is critical to improve the prospects for job creation and economic growth.