WILLEMSTAD – The Dutch government is proposing to expand the powers of the Financial Supervision Board (College financieel toezicht, or Cft) in an effort to strengthen Curaçao’s fiscal discipline and prevent future budget deficits and liquidity crises. The proposal is part of a broader reform package tied to the refinancing of the island’s COVID-era loans.
According to the April–September 2025 implementation agenda of the Landspakket, Curaçao has a limited window—until August 2025—to respond to the Dutch proposal. The plan would give the Cft increased authority over government spending, financial management, and budgetary oversight.
Tied to Loan Refinancing
The proposed oversight model is directly linked to the refinancing of 914 million guilders in interest-free loans that the Netherlands provided to Curaçao during the COVID-19 crisis. The largest of these loans—760 million guilders—is due on October 15, 2025.
Approval of the new financial supervision model is being set as a condition for refinancing. The Dutch government argues that stronger oversight mechanisms are needed to ensure Curaçao’s financial stability going forward.
Sensitive Political Decision
The issue is a politically sensitive one. Prime Minister Gilmar Pisas and his administration have previously expressed a desire for greater autonomy in managing the country’s finances. However, Curaçao remains highly dependent on Dutch financial support, and a refusal to accept the new model could limit the island’s fiscal flexibility.
The decision now rests with the government of Curaçao. Accepting the proposal may bring more oversight from The Hague, but rejecting it could risk the ability to refinance crucial loans—putting pressure on public finances in the months ahead.
