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International Monetary Fund. Western Hemisphere Dept.

potential growth and maintain fiscal sustainability. Sint Maarten should step up efforts in post-hurricane reconstruction and building resilience to natural disasters and climate change, which require enhanced capacity to absorb available reconstruction resources, as well as better planning and prioritization. At the Union level, the Centrale Bank van Curaçao en Sint Maarten (CBCS) needs to continue to implement monetary policy consistent with the pegged exchange framework. Financial sector vulnerabilities need to be addressed as a matter of priority, especially in

International Monetary Fund. Western Hemisphere Dept.
This 2019 Article IV Consultation focuses on Curaçao and Sint Maarten’s near and medium-term challenges and policy priorities and was prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. The fiscal position in Curaçao improved in the past two years, in part due to implemented fiscal measures. Both Curaçao and Sint Maarten would benefit from introducing a Fiscal Responsibility Framework. It could incorporate a central government debt ratio as a long-term anchor and operational rules calibrated to meet it. The report suggests that risks in the financial sector need to be addressed as a matter of priority. The authorities should develop a strategy for addressing financial sector vulnerabilities with the objective of preserving financial stability while minimizing fiscal costs. Significant strengthening of supervision and a complete overhaul of the bank resolution framework are also urgently needed. An across-the board improvement in the governance framework should be a key priority in both countries. Vulnerabilities in the financial system point to the need to strengthen governance in the financial sector.
International Monetary Fund. Western Hemisphere Dept.

.9 Of which: short-term debt 27.8 24.8 25.8 26.9 27.3 27.7 28.2 28.2 28.1 27.8 Sources: Centrale Bank van Curaçao en Sint Maarten, and IMF staff estimates. Table 7a. Curaçao: Balance of Payments, 2016–25 (Millions of U.S. dollars unless otherwise indicated) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Prel. Est. Proj. (millions of U.S. dollars) Current account -585 -681 -898 -655 -669 -649 -733 -601

International Monetary Fund. Western Hemisphere Dept.

Curaçao and Sint Maarten. National accounts : Data are compiled by the Central Bureau of Statistics (CBS) in Curaçao and the Department of Statistics (DoS) in Sint Maarten. The CBS disseminates annual current price estimates of GDP by economic activity (GDP-P) and by expenditure (GDP-E), as well as other aggregates up to net lending/borrowing. Final survey-based national accounts are available only through 2016. For 2017–18, the CBS produced indicator-based preliminary estimates for GDP-P. The Centrale Bank van Curaçao en Sint Maarten (CBCS) estimated and

International Monetary Fund. Western Hemisphere Dept.

format. Fiscal reporting standards are weak, and improvements are needed in mapping and consolidating fiscal data according to the GFSM standards. The authorities do not provide fiscal data to STA. The authorities’ reports do not consolidate the social security schemes (administered by the SVB in Curaçao and the SZV in Sint Maarten). Monetary statistics: The Centrale Bank van Curaçao en Sint Maarten (CBCS) has reported monetary and financial statistics (MFS) using the Standardized Report Forms (SRFs), which are currently being reviewed to ensure they provide

Ms. Patricia Alonso-Gamo and Mr. Martin Sommer

current prices 4,169 4,217 4,220 4,194 4,161 4,103 4,222 4,353 4,489 4,631 4,778 Sources: Centrale Bank van Curaçao en Sint Maarten, and IMF staff estimates. Table 5a. Curaçao: Balance of Payments—Current Account, 2013–23 (Millions of U.S. dollars unless otherwise indicated) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Prel. Proj. Current account -764 -506 -519 -585 -681 -700 -693 -690 -691 -683 -685 (percent of GDP) -24

International Monetary Fund. Western Hemisphere Dept.
Weak growth and underlying structural vulnerabilities persist in both Curaçao and Sint Maarten. Worsened macroeconomic conditions—reflecting the spillovers from one of Curaçao’s largest trading partners and the devastation from Hurricanes Irma and Maria in Sint Maarten—make the need for policy adjustment and structural reforms aimed at ensuring fiscal sustainability, enhancing competitiveness, strengthening investor confidence, and developing capacity more urgent.
Mr. John Kiff, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Mr. Ashraf Khan, Mr. Tanai Khiaonarong, Majid Malaika, Mr. Hunter K Monroe, Nobu Sugimoto, Hervé Tourpe, and Peter Zhou

) Sweden (proof of concept started) China (pilot launched) Ukraine (pilot completed) Eastern Caribbean (pilot launched) Uruguay (pilot completed) South Africa Where central banks have explored or are exploring issuing retail CBDC Australia Jamaica Brazil Japan Canada Korea (proof of concept started) Chile Mauritius Curaçao en Sint Maarten Morocco Denmark New Zealand Ecuador (completed pilot & project discontinued

Mr. John Kiff, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Mr. Ashraf Khan, Mr. Tanai Khiaonarong, Majid Malaika, Mr. Hunter K Monroe, Nobu Sugimoto, Hervé Tourpe, and Peter Zhou
This paper examines key considerations around central bank digital currency (CBDC) for use by the general public, based on a comprehensive review of recent research, central bank experiments, and ongoing discussions among stakeholders. It looks at the reasons why central banks are exploring retail CBDC issuance, policy and design considerations; legal, governance and regulatory perspectives; plus cybersecurity and other risk considerations. This paper makes a contribution to the CBDC literature by suggesting a structured framework to organize discussions on whether or not to issue CBDC, with an operational focus and a project management perspective.