Published: 30 June 2021
Willemstad:--- The new government of Curaçao faces great challenges with the (multiannual) budget. This has been pointed out by the Board of financial supervision Curaçao and Sint Maarten (Cft) in recent discussions with amongst others the Minister of Finance. Curaçao will have to draw up and implement a plan in which the multiannual budget deficits will be reduced. In addition, it is urgent that changes and savings in health care and social security be carried out in order to ensure the sustainability and affordability of the social system for future generations.
The budget adopted for this year is no longer up-to-date and will need to be adjusted. The Cft has made several recommendations to this effect. The recommendations include amongst others implementing reforms in the tax system with the objective to achieve simplification, economic growth, and spending control, and a more even distribution of income. In addition, recommendations have been made aimed towards the implementation of structural improvements in the budget and the accountability cycle, the financial management, and the process to realize responsible shareholding of the public entities.