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July 11, 2022

Prepared By

The Western Hemisphere Department

(In consultation with other departments)





Fund Relations

The 2022 Article IV consultation discussions with Sint Maarten were held in Philipsburg during May 11–17, 2022 and with Curaçao in Willemstad during May 19-25, 2022. They form part of the Article IV consultation with The Kingdom of the Netherlands. The Curaçao team comprised Dmitriy Kovtun (head), Thomas Dowling, Daniel Jenya, and Atsushi Oshima, (all WHD). The Sint Maarten team comprised Kevin Wiseman (head), Thomas Dowling, Daniel Jenya, and Atsushi Oshima, (all WHD). Kevin Wiseman participated in discussions related to the Curaçao and Sint Maarten monetary union in Willemstad. Carlijn Eijking (OED) participated in the discussions. Grey Ramos and Tianle Zhu provided valuable assistance.

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

Kingdom of the Netherlands: The Financial Position in the Fund as of June 30, 2022

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Outstanding Purchases and Loans: None

Latest Financial Arrangements:

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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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Implementation of HIPC Initiative: Not Applicable

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

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.

On March 23, 2020, in order to reduce the risk of capital outflows, the Central Bank of Curaçao and Sint Maarten (CBCS) suspended the extension of foreign exchange licenses for the following transactions equal or exceeding NAf 150,000:

  • (i) Extension of a loan to a nonresident.

  • (ii) Transfers to own foreign bank account by legal entities.

  • (iii) Transfers to current account with foreign related companies by legal entities.

  • (iv) Transfers by individuals to their private foreign bank account.

  • (v) Investments abroad.

  • (vi) Participation in a foreign company by a resident.

  • (vii) Distribution of dividends or profits to nonresidents.

  • (viii) Early redemption of loans received.

Limitation on distribution of dividends or profits to nonresidents gave rise to an exchange restriction under Article VIII, Section 2(a) of the Fund’s Articles of Agreement.

The CBCS eliminated these measures in January 2022 given the improvement in the international reserve position.

Last Article IV Consultation Discussions: The Executive Board concluded the 2021 Article IV Consultation Discussions with Curaçao and Sint Maarten on July 29, 2021, on the basis of IMF Country Report No. 2021/186.

Technical Assistance (2019–June 2022):


  • 1. Curaçao customs: strengthening risk management capacity and developing a trusted trader program (CARTAC, June 2019)

  • 2. Tax administration modernization through implementation of a new tax information system (CARTAC, July/August 2019)

  • 3. Public financial management: developing the internal audit function (CARTAC, August 2019)

  • 4. Government financial reporting and government financial statistics (CARTAC/STA, September 2019)

  • 5. Tax policy (FAD, October 2019)

  • 6. Fiscal risks (CARTAC, April 2020)

  • 7. Macro modeling (CARTAC, February 2021, June 2021, March 2022, and April 2022)

  • 8. Tax Administration: Organizational Structure and Institutional Arrangements (CARTAC, November 2020-April 2021).

  • 9. Customs administration (CARTAC, follow-up, May 2021)

  • 10. Price statistics (STA, September 2021)

  • 11. National Account statistics (STA, September 2021)

Sint Maarten

  • 1. Macro-fiscal framework (WHD, May 2019, November 2019, July 2020, and December 2020)

  • 2. Scoping mission in tax administration and customs areas (CARTAC, November 2019)

  • 3. Tax upgrade and financial management (CARTAC, February 2020)

  • 4. Cleaning of taxpayer registration database (CARTAC, March 2020)

  • 5. National account statistics (CARTAC, October 2020)

  • 6. Tax policy (FAD, March 2021)

  • 7. National Account statistics, follow-up (August 2021)

  • 8. Cleaning taxpayer database (November, December 2021)

  • 9. IT investment planning for sustainability (March - April 2022)

  • 10. Price statistics (March – April 2022)


  • 1. IFRS implementation (CARTAC, May 2019)

  • 2. Monetary policy instruments and domestic debt market (MCM, October-November 2019)

  • 3. Contingency planning (MCM, December 2019)

  • 4. Banking supervision and regulation: Basel II-III implementation (CARTAC, January 2020)

  • 5. External statistics (CARTAC, January 2020)

  • 6. Contingency planning for crisis preparedness and management and deposit insurance (MCM, follow-up, March 2020)

  • 7. Contingency planning for crisis preparedness and management and deposit insurance (MCM, follow-up, October 2020)

  • 8. Emergency liquidity assistance (MCM, November 2020)

  • 9. Central bank governance (MCM / LEG, January – February 2021)

  • 10. Foreign reserve management (MCM, April 2021)

  • 11. Central Bank governance (MCM, July 2021)

  • 12. Risk-Based Supervision implementation (CARTAC, December 2021)

  • 13. Basel II-III implementation (CARTAC, March – April 2022)

  • 14. Financial Soundness Indicators (STA, April 2022)

Statistical Issues

(As of June 30, 2022)

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

(As of June 30, 2022)

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Bank deposit/lending interest rates are not compiled.

The Sint Maarten Department of Statistics is compiling CPI data on a quarterly basis.

The general government data defined as the central government and the social security funds are not compiled.

Including currency and maturity decompositions.

The external debt data are not compiled, but it can be derived from the international investment position.

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

Collaboration with other International Financial Institutions

Collaboration with the World Bank Group.

World Bank country webpage for Sint Maarten:

List of recently approved projects:

Dashboard for the Sint Maarten Recovery, Reconstruction and Resilience Trust Fund financed by the Netherlands and managed by the World Bank:


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

Kingdom of the Netherlands-Curaçao and Sint Maarten: 2022 Article IV Consultation Discussions-Press Release; and Staff Report
Author: International Monetary Fund. Western Hemisphere Dept.