Circumstances challenging in 2018 WILLEMSTAD/PHILIPSBURG – “The economic circumstances in the monetary union remained challenging in 2018 with both Curaçao and Sint Maarten recording a contraction,” Centrale Bank van Curaçao en Sint Maarten (CBCS) acting president Bob Traa stated in the central bank’s 2018 annual report. “Curaçao’s real GDP contraction remained significantly influenced by the economic crisis in Venezuela that affected particularly the refining, harbor, and construction sectors. Meanwhile, the lingering effects of Hurricane Irma on Sint Maarten caused an economic contraction in 2018,” Traa explained. The acting central bank president pointed out that the debt-to-GDP ratio rose in both…
Author: The Publisher
Consolidation is crucial at a calibrated pace WILLEMSTAD/PHILIPSBURG – Acting president of the Centrale Bank van Curaçao en Sint Maarten Bob Traa stated in the Bank’s 2018 Annual Report that one of the challenges the two countries face is to manage fiscal consolidation, while experiencing slow or negative growth. The Kingdom Law of Financial Supervision was enacted in 2010 to ensure sound public finances in the new countries of Curaçao and Sint Maarten. This law includes a balanced budget rule for current revenues and expenditures. “Balancing the current budget is important and fiscal policy needs to be appropriately paced,” Traa…
Dear Editor, Divide and conquer used to be the tool by which the Dutch acquired colonies and controlled them. This principal is well known as is the savvy with which it has been applied through the years . Even long after the Dutch Kingdom agreed in the context of the United Nations to decolonize, colonization and control has continued . There is no country status, in fact we are still governed by the Kingdom and treated as colonies not equal partners. The divide and conquer principle has now evolved. Undermining of the people and its society is the new tool…
PHILIPSBURG — Ombudsman Gwendolien Mossel recently held a meeting with Minister Stuart Johnson upon his request to discuss pending cases and some other concerns of the Ombudsman as it relates to the Ministry of Tourism, Economic Affairs, Transport and Telecommunication (TEATT). The Ombudsman highlighted the importance of compliance with recommendations issued to the Ministries as this promotes good governance. The Ombudsman therefore applauds the initiative of the Minister to meet regarding this matter. The Ombudsman addressed the (non) follow-up of the Ministry on the recommendations issued in the Philipsburg Marketplace vendors investigation that was concluded in December 2017 as well…
PHILIPSBURG — The resistance of St. Maarten’s electricity network and water supply to natural disasters will be greatly improved with the execution of the Water and Electricity Resilience Program of the National Recovery Program Bureau (NRPB) and NV GEBE. On Tuesday, August 20th, in the presence of Miklos Giterson, Minster of Public Housing, Spatial Planning, Environment and Infrastructure (VROMI), a subsidiary agreement was signed between NV GEBE and the National Recovery Program Bureau (NRPB). In the coming years, the NRPB and GEBE will collaborate to put the remaining over-head electrical cables underground, upgrade transformer stations and replace analog electrical meters…
POND ISLAND – Last week Wednesday August 21, the Tax Transformation Project was kicked off with a presentation meeting with the entire staff of the Tax Department, Minister of Finance Hon. Perry Geerlings said on Sunday. The purpose of the presentation meeting was not only to kickoff and present the Tax Transformation Project, but also to give the staff the opportunity to comment on it and give their input. The Tax Transformation Project comprises of a three-pronged approach consisting of a reform process of the tax system; organizational transformation; and communication and education of all external and internal stakeholders. Minister…
PHILIPSBURG – Recently, Chairman Charles Smith and Board Member Cindy Marica, of the Corporate Governance Council (CGC), paid a courtesy visit to the office of Prime Minister Leona Romeo Marlin to present the CGC Year Report 2018. The CGC Year Report 2018 covers a summarized account of the activities of the Corporate Governance Council during the year. The Prime Minister and CGC briefly discussed certain challenges that the Council still faces such as budget, housing and hiring a staff member in order for the CGC to function optimally. The Prime Minister expressed her support and encouraged the efforts of the…
PHILIPSBURG — On Tuesday August 20th, the Kidz At Sea Foundation organized a Graduation Ceremony for the third ‘Zero to Hero’ class. Participants that graduated from this three-month full-time course earned the title Boat Captain, with the entry-level St. Maarten Commercial Captains qualification under their belt. The qualifications earned allow them to seek employment in any aspect of the Maritime field, propelling them into a promising career path. This ceremony also presented skill certificates to the students of the Maritime Program at NIPA who followed the ‘Zero to Hero’ crew courses and passed their Basic Keelboat and STCW Certifications. Garth…
WILLEMSTAD – Caribisch Netwerk writes that the new school year has started and again it appears that quite a few families can urgently use help with the purchase of school supplies. “My grandson is not going to school yet because he has no pens, pencils, folders and no sneakers,” says grandma C. who takes care of two grandchildren. She herself has no work and not enough money to buy all school supplies. In the meantime she has received help but that was not enough. The oldest (16) refuses to go to school because he does not have everything yet. Every…
WILLEMSTAD — During a luncheon of the Curaçao Business Association (“Vereniging Bedrijfsleven Curaçao”), Mr. Bob Traa, acting president of the Centrale Bank van Curaçao en Sint Maarten (CBCS), sparked the interest of those present with his diagnosis of and possible solutions for the current economic situation in Curaçao. Traa pointed out that labor productivity shows a negative trend in Curaçao, while at the same time the growth of potential working age persons is shrinking. As a result, the potential growth of the economy is negative. When productivity declines, business firms reduce employment to lower costs, which increases unemployment. Curaçao not…
