THE HAGUE, WILLEMSTAD – Curaçao can rely on an additional loan facility of thirty million guilders in the Netherlands. Technical assistance from the Netherlands for the Growth Agreement can also be continued. Minister of the Interior and Kingdom Relations Raymond Knops has given the green light for this based on the report of the Progress Growth Agreement.
It was agreed that Curacao would incorporate the package of measures in the growth agreement in the 2019 budget amendment. That has happened. Parliament approved the budget amendment in November and the National Ordinance establishing this budget change has since been signed by the Governor and the Minister of Finance.
The second condition was that the Growth Agreement should be broadly supported by the political parties in Curaçao. This condition has also been met. In October parliament voted in favor of the Growth Agreement with 11 votes in favor and 4 against.
The loan application must go through the usual assessment of the Financial Supervision Board (CFT), Knops writes. In addition, a strategic investment agenda must be drawn up that shows that the planned investments meet criteria of economic profitability, in the light of the objectives of the Growth Agreement.
Growth agreement
Curaçao and the Netherlands concluded a mutual arrangement on 12 July 2019. It received the title Growth Agreement, to restored confidence and for a prosperous Curaçao. The Growth Agreement contains accords that must lead to sustainable healthy government finances, structurally higher economic growth, an efficient and effective government apparatus and sustainable improvement of the quality of life in Curaçao.
The progress of the Growth Agreement is monitored by a jointly established progress committee. In accordance with Article 14 of the Growth Agreement, this committee reports on the progress of the accords contained in the document to both governments on a quarterly basis.
Report
In March 2020, the progress committee will issue its next report, covering the fourth quarter of 2019. This will also include the reaction of the CFT to the fourth implementation report 2019 of Curaçao.
