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Western Hemisphere > St. Martin

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Cover IMF Staff Country Reports
Kingdom of the Netherlands-Curaçao and Sint Maarten: 2023 Article IV Consultation Discussions-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
The 2023 Article IV Consultation with Kingdom of The Netherlands—Curaçao and Sint Maarten continue to recover from major shocks. Both countries have had two years of robust growth driven by a strong rebound of tourism, although the benefits of recovery have not reached all sectors. The recovery in tourist arrivals was among the fastest in the Caribbean and the current outcomes are above the pre-pandemic levels. Sint Maarten has further to go to reach levels seen before hurricane Irma in 2017. Similar to other countries, Curaçao experienced a strong bout of inflation, which affected the vulnerable. The international reserves of the monetary union of Curaçao and Sint Maarten remain at a comfortable level despite the elevated external current account deficit, which was due in part to higher import prices. The banking system remains well capitalized and liquid. After a robust recovery in 2022, estimated at 7.9 percent, output growth is expected to moderate. With post-pandemic recovery growth largely accomplished, activity is expected to encounter harder supply constraints going forward, including hotel room inventory and airport reconstruction. The authorities in both countries should implement broad-based structural reforms to support a robust and inclusive recovery, improve resilience to climate change, limit fiscal risks, and safeguard debt sustainability.
Keywords:
Curaçao team; en Sint Maarten; Sint Maarten team; Curaçao health sector; Sint Maarten monetary union; government operation; Public investment spending; Caribbean; Global
Cover High-Level Summary Technical Assistance Reports
Curaçao and Sint Maarten: Report on the Financial Soundness Indicators
Brian Kwok Chung Yee and Ms. Bidisha Das
This paper discusses the high-level summary technical assistance report for Curaçao and Sint Maarten on financial soundness indicators (FSI). The High-Level Summary Technical Assistance Report series provides high-level summaries of the assistance provided to IMF capacity development recipients, describing the high-level objectives, findings, and recommendations. The mission, in collaboration with the staff of the Centrale Bank van Curaçao en Sint Maarten (CBCS), successfully developed bridge tables to compile FSIs for commercial banks and savings banks, which could be linked in the long term with its database to automate the FSIs compilation process. The mission also identified a few areas for improvements related to the data collection framework for the deposit takers to be implemented in the medium term. As a result of the mission, the CBCS is able to start reporting the FSI-standard reports, financial soundness metadata, and financial soundness institutional coverage for dissemination on the IMF’s FSI website for Curaçao and Sint Maarten. A timeframe for implementing the mission recommendations including reporting FSIs to statistics department was also discussed and agreed on with the CBCS staff.
Keywords:
Commercial banks; Financial institutions; Financial sector policy and analysis; Financial soundness indicators; and Financial statements
Cover IMF Staff Country Reports
Kingdom of the Netherlands-Curaçao and Sint Maarten: 2022 Article IV Consultation Discussions-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
The economies of Curaçao and Sint Maarten are recovering from the pandemic but facing multiple challenges, including spillovers from the war in Ukraine. Curaçao was in a protracted recession even before the pandemic due to spillovers from the Venezuelan crisis. Sint Maarten needs to fully recover not only from the pandemic, but also from the devastating 2017 hurricanes.
Keywords:
Sint Maarten monetary union; Curaçao team; Sint Maarten team; Sint Maarten well; en Sint Maarten; COVID-19; Public investment spending; Caribbean; Global
Cover IMF Staff Country Reports
Kingdom of the Netherlands-Curaçao and Sint Maarten: Technical Assistance Report-Implementation of Risk-Based Supervision
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.
Keywords:
supervision department; expert supervision; risk profile; supervision Department; account supervision; Corporate governance; Risk-based supervision; Liquidity; Wages; Pension spending; Caribbean
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Sint Maarten: Technical Assistance Report—Sustainable Tax Reforms
International Monetary Fund. Fiscal Affairs Dept.
Sint Maarten’s economy has been hit hard over the last 4 years. In 2017, two major hurricanes struck the island causing significant damage. While reconstruction was largely financed by insurance proceeds and grants from The Netherlands, economic recovery from the hurricane damage was slow and in early 2020 the coronavirus pandemic shut down most of Sint Maarten’s tourism sector. As a result, fiscal revenue declined by 15 percent since 2016; payroll tax revenue declined by only 4.5 percent, whereas the turnover tax revenue declined by 23 percent. Since April 2020, The Netherlands has provided immediate financial support to cushion the economic shock of the pandemic. In December 2020, Sint Maarten concluded an agreement with The Netherlands to receive more substantial financial support for recovery and ensuring long-term fiscal sustainability. In return, the authorities committed to make structural changes to their tax system, making it more growth-friendly and equitable, while optimizing and ensuring its revenue mobilization capacity.
Keywords:
capacity development mission; authorities of Sint Maarten; Sint Maarten's authorities; bank transaction; E. profit Tax; personal property; Income; Income and capital gains taxes; Personal income tax; Property tax; Income tax systems; Caribbean; Global
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Curaçao and Sint Maarten: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
Selected Issues
Keywords:
Kingdom of the netherlands Curaçao; Sint maarten monetary union; Dollarized economy; monetary union of Curaçao; financial system oversight; Dollarization; Monetary unions; Currencies; Exchange rate arrangements; Lender of last resort; Caribbean; Europe
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Curaçao and Sint Maarten: 2021 Article IV Consultation Discussions; Press Release and Staff Report
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.
Keywords:
article IV consultation discussion; government operation; Curaçao customs; current price; Policy recommendation; Fiscal stance; COVID-19; Caribbean
Cover IMF Staff Country Reports
Kingdom of the Netherlands-Curacao and Sint Maarten: 2019 Article IV Consultation-Press Release and Staff Report; and Statement by the Executive Director for the Kingdom of the Netherlands-Curacao and Sint Maarten
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.
Keywords:
ISCR; CR; Sint Maarten authorities; IMF staff estimate; en Sint Maarten; Curaçao payroll process; article IV consultation discussion; economy of Sint Maarten; Sint Maarten authority; trust fund; labor market; recovery in Sint Maarten; financial system; current account; CAD in Curaçao; consultation discussion; liability positions vis-à-vis nonresident; capital expenditure; union GDP; Fiscal stance; Tourism; Caribbean; Global; Extra-budgetary funds
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Curaçao and Sint Maarten: 2018 Article IV Consultation-Press Release and Staff Report
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.
Keywords:
ISCR; CR; discussion; real GDP; government; IMF staff estimate; liability positions vis-à-vis nonresident; growth in Curaçao; positions of Curaçao; finance of Curaçao; Budget planning and preparation; Fiscal space; Caribbean; Global