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International Monetary Fund. Western Hemisphere Dept.

IMF Country Report No. 22/270

International Monetary Fund. Western Hemisphere Dept.
The economies of Curaçao and Sint Maarten are recovering from the pandemic but facing multiple challenges, including spillovers from the war in Ukraine. Curaçao was in a protracted recession even before the pandemic due to spillovers from the Venezuelan crisis. Sint Maarten needs to fully recover not only from the pandemic, but also from the devastating 2017 hurricanes.
International Monetary Fund. Western Hemisphere Dept.

1. Since gaining its autonomy in 2010, Curaçao suffered multiple economic shocks. The economy shrank by 28 percent in the past decade due in part to spillovers from Venezuela and the pandemic (Figure 1). Population and employment have been continuously declining since 2016 and unemployment remains elevated. The closure of the refinery poses questions about new sources of growth. Curaçao faces pervasive structural challenges including governance vulnerabilities. The pandemic constrained the implementation of staff advice (Annex I). The agreement with The Netherlands to implement structural reforms creates a window of opportunity to address these challenges and improve resilience (Annex II). The war in Ukraine led to higher inflation that disproportionally affected the vulnerable and put a drag on the recovery.

International Monetary Fund. Monetary and Capital Markets Department
The CBvCSM is the sole supervisory authority for all regulated financial institutions operating locally and in the offshore (or international) sector, as well as the stock exchange in Curacao and St Maarten. The financial sector comprises different types of institutions, which include banks and non-bank institutions, insurance companies (both Life, and Non-life), securities intermediaries, asset management firms, investments institutions, fund administrators, management of pension funds, reinsurers, and trust companies.
International Monetary Fund. Western Hemisphere Dept.
International Monetary Fund. Western Hemisphere Dept.

IMF Country Report No. 21/186

International Monetary Fund. Western Hemisphere Dept.
The COVID-19 pandemic inflicted another major shock on the economies of Curaçao and Sint Maarten, which followed category 5 hurricanes in Sint Maarten in 2017 and the spillovers of the Venezuelan crisis on Curaçao. Despite the substantial response measures financed by The Netherlands, the economic contraction in 2020 was severe.