Kingdom of the Netherlands—Curaçao and Sint Maarten: Staff Report for the 2018 Article IV Consultation Discussions—Informational Annex

2018 Article IV Consultation-Press Release and Staff Report


2018 Article IV Consultation-Press Release and Staff Report

Fund Relations

The 2018 Article IV consultation discussions were held in Curaçao and Sint Maarten during October 25–November 9, 2018. The staff team comprised L. Lusinyan (head), A. Oshima, C. Flodberg, P. Cifuentes Henao (all WHD), and A. Ter-Martirosyan (SPR). D. Kovtun (WHD) and R. Doornbosch (OED) joined the meetings in Sint Maarten and the concluding meetings. H. Canelas (WHD) and K. Tanyeri (ITD) provided assistance from the HQ. The mission met with senior officials and representatives of private sector, finance industry, and labor unions.

I. Membership Status: The Kingdom of the Netherlands is an original member of the Fund. On February 15, 1961, the Kingdom accepted the obligations of Article VIII, Sections 2, 3, and 4 of the Articles of Agreement for all territories.

The Kingdom of the Netherlands

(As of November 30, 2018)

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IV. Outstanding Purchases and Loans: None

V. Latest Financial Arrangements:

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VI. Overdue Obligations and Projected Payments to Fund 1/

(SDR Million; based on existing use of resources and present holdings of SDRs):

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When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

VII. Implementation of HIPC Initiative: Not Applicable

VIII. Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable

IX. Implementation of Catastrophe Containment and Relief (CCR): Not Applicable

As of February 4, 2015, the Post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust.

Exchange Rate Arrangements: The exchange rate arrangement is a conventional peg arrangement. The Netherlands Antillean guilder has been pegged to the U.S. dollar at NAf 1.79 per US$1 since 1971.

Last Article IV Consultation Discussions: The Executive Board concluded the 2016 Article IV Consultation Discussions with Curaçao and Sint Maarten on July 27, 2016, on the basis of IMF Country Report No. 16/276.

Technical Assistance: Sint Maarten—Macro-Fiscal Framework (Department: WHD, 2018–ongoing)

Statistical Issues

(As of December 10, 2018)

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Curaçao and Sint Maarten: Table of Common Indicators Required for Surveillance

(As of December 10, 2018)

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Both market-based and officially-determined.

The Sint Maarten 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.

The general government consists of the central government and the social security funds.

Including currency and maturity decompositions.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Collaborations with Other International Financial Institutions

As of December 18, 2018, Sint Maarten has collaboration with The World Bank Group.

Further information can be obtained from the following hyperlinks:

World Bank Projects in Sint Maarten

(As of December 18, 2018)

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Source: The World Bank.Note: For active and closed projects, the commitment amount at Board approval is shown in US$ millions. This does not reflect any cancellations. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.For further updates, see: