Abstract
2019 Article IV Consultation Discussions-Press Release and Staff Report
Fund Relations
(As of March 31, 2019)
Membership Status
The Kingdom of the Netherlands joined the Fund on December 27, 1945. On February 15, 1961, The Kingdom accepted the obligations of Article VIII, Section 2, 3, and 4 of the Articles of Agreement for all territories.
| General Resources Account | SDR Million | Percent of Quota |
|---|---|---|
| Quota | 8,736.50 | 100.00 |
| Fund Holding of Currency | 7,704.47 | 88.19 |
| Reserve Tranche Position | 1,032.04 | 11.81 |
| General Resources Account | SDR Million | Percent of Quota |
|---|---|---|
| Quota | 8,736.50 | 100.00 |
| Fund Holding of Currency | 7,704.47 | 88.19 |
| Reserve Tranche Position | 1,032.04 | 11.81 |
| SDR Department | SDR Million | Percent Allocation |
|---|---|---|
| Net cumulative allocation | 4,836.63 | 100.00 |
| Holdings | 4,468.14 | 98.58 |
| SDR Department | SDR Million | Percent Allocation |
|---|---|---|
| Net cumulative allocation | 4,836.63 | 100.00 |
| Holdings | 4,468.14 | 98.58 |
Outstanding Purchases and Loans: None
Latest Financial Arrangements: None
Projected Obligations to Fund
(SDR million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | . . . | . . . | . . . | . . . | . . . |
| Charges/Interest | 0.67 | 0.87 | 0.87 | 0.87 | 0.87 |
| Total | 0.67 | 0.87 | 0.87 | 0.87 | 0.87 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | . . . | . . . | . . . | . . . | . . . |
| Charges/Interest | 0.67 | 0.87 | 0.87 | 0.87 | 0.87 |
| Total | 0.67 | 0.87 | 0.87 | 0.87 | 0.87 |
Implementation of HIPC Initiative
Not Applicable
Implementation of Multilateral Debt Relief Initiative (MDRI)
Not Applicable
Implementation of Post-Catastrophe Debt Relief (CCR)
Not Applicable
Exchange Rate Arrangements
Aruba has a conventional peg; the Aruban florin has been pegged to the U.S. dollar at Afl. 1.79 per U.S. dollar since January 1, 1986. Prior to that, Aruba’s currency was called the Antillean guilder, which maintained a peg against the US dollar (1 U.S. dollar = ANG 1.79) since 1971. Aruba maintains an unapproved exchange restriction arising from the foreign exchange tax on payments by residents to non-residents (1.3 percent of the transaction value).
Last Article IV Consultation Discussions
Article IV consultation discussions with Aruba are conducted on a 24-month cycle. The Executive Board concluded the last Article IV consultation discussions on May 17, 2017. The staff report was published in June 2017 (IMF Country Report No. 17/155).
Resident Representative: None
Technical Assistance
Technical Assistance
| Department | Dates | Purpose |
|---|---|---|
| FAD | September 4–14, 2018 | Assess Aruba’s tax system and assist the authorities with developing reform options |
| CARTAC | January 17–30, 2019 | Assist the authorities with improving tax compliance and tax administration |
Technical Assistance
| Department | Dates | Purpose |
|---|---|---|
| FAD | September 4–14, 2018 | Assess Aruba’s tax system and assist the authorities with developing reform options |
| CARTAC | January 17–30, 2019 | Assist the authorities with improving tax compliance and tax administration |
Statistical Issues
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision is adequate for surveillance. | |
| National Accounts: The Central Bureau of Statistics (CBS) has compiled GDP at current prices by the production and expenditure approaches up to 2009 and has recently done so for the period 2013–17. GDP at constant prices by the expenditure approach has been estimated and disseminated by the Central Bank of Aruba (CBA) up to 2017. On the expenditure side, changes in inventories are included in capital formation. Moreover, the data on imports and exports of goods and services do not match BOP statistics, reflecting different methodological approaches and raw data sources. | |
| Price Statistics: CPI data are compiled and published monthly by the CBS. | |
| Government Finance Statistics: Government finance statistics are prepared and published on a regular basis, but not directly reported to STA. The presentation of the fiscal accounts could be improved in several respects. First, the residual expenditure category “items not identified elsewhere” (that can amount to 3.9 percent of GDP as of end 2018) should be disaggregated. Second, some items such net lending and tax arrears should be below-the-line in the fiscal tables. Third, the presentation could be further improved by providing more details on the government tax arrears. Finally, quarterly data on government operations need to contain more details on revenues and expenditures and could be reported based on the 2014 GFSM. | |
| Monetary and Financial Statistics: The methodology used by the CBA for compiling monetary statistics published in CBA’s Monthly Bulletin, Quarterly Bulletin, and Annual Statistical Digest is broadly consistent with the IMF’s Monetary and Financial Statistics Manual 2000 (MFSM). The CBA reports monetary data to STA on a timely basis. The authorities submit the data in the format of Standardized Report Forms developed by STA. Aruba does not report FSIs for dissemination on the FSI Portal. The central bank survey and monetary survey could be made more consistent. At present, there are differences in NFA and government deposit estimates, presented in the two surveys. Central bank’s estimate of NFA is adjusted for revaluation of gold and foreign exchange; likewise, their estimate for government deposits include development fund allocations. None of the adjustments are currently reflected in the monetary survey. | |
| External Sector Statistics: The CBA reports quarterly balance of payments and an annual international investment position (IIP) statistics to STA. Aruba participates in the Coordinated Direct Investment Survey (CDIS) and the Coordinated Portfolio Investment Survey (CPIS). Monthly data on the official reserve position are published with a lag of one month. A breakdown in holdings of gold and foreign exchange is provided. Aruba does not participate in the World Bank’s Quarterly External Debt Statistics (QEDS) database; however, it disseminates annual data on gross external debt position by sector—including a breakdown by maturity and instrument— in its Annual Statistical Digest. A debt survey covering both public and private sectors provides information on the amount, currency denomination of foreign debt outstanding, as well as on disaggregation by instrument and amortization payments coming due. | |
| II. Data Standards and Quality | |
| Aruba started participating in the Fund’s GDDS on August 16, 2017. | No data ROSC has been conducted in Aruba. |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision is adequate for surveillance. | |
| National Accounts: The Central Bureau of Statistics (CBS) has compiled GDP at current prices by the production and expenditure approaches up to 2009 and has recently done so for the period 2013–17. GDP at constant prices by the expenditure approach has been estimated and disseminated by the Central Bank of Aruba (CBA) up to 2017. On the expenditure side, changes in inventories are included in capital formation. Moreover, the data on imports and exports of goods and services do not match BOP statistics, reflecting different methodological approaches and raw data sources. | |
| Price Statistics: CPI data are compiled and published monthly by the CBS. | |
| Government Finance Statistics: Government finance statistics are prepared and published on a regular basis, but not directly reported to STA. The presentation of the fiscal accounts could be improved in several respects. First, the residual expenditure category “items not identified elsewhere” (that can amount to 3.9 percent of GDP as of end 2018) should be disaggregated. Second, some items such net lending and tax arrears should be below-the-line in the fiscal tables. Third, the presentation could be further improved by providing more details on the government tax arrears. Finally, quarterly data on government operations need to contain more details on revenues and expenditures and could be reported based on the 2014 GFSM. | |
| Monetary and Financial Statistics: The methodology used by the CBA for compiling monetary statistics published in CBA’s Monthly Bulletin, Quarterly Bulletin, and Annual Statistical Digest is broadly consistent with the IMF’s Monetary and Financial Statistics Manual 2000 (MFSM). The CBA reports monetary data to STA on a timely basis. The authorities submit the data in the format of Standardized Report Forms developed by STA. Aruba does not report FSIs for dissemination on the FSI Portal. The central bank survey and monetary survey could be made more consistent. At present, there are differences in NFA and government deposit estimates, presented in the two surveys. Central bank’s estimate of NFA is adjusted for revaluation of gold and foreign exchange; likewise, their estimate for government deposits include development fund allocations. None of the adjustments are currently reflected in the monetary survey. | |
| External Sector Statistics: The CBA reports quarterly balance of payments and an annual international investment position (IIP) statistics to STA. Aruba participates in the Coordinated Direct Investment Survey (CDIS) and the Coordinated Portfolio Investment Survey (CPIS). Monthly data on the official reserve position are published with a lag of one month. A breakdown in holdings of gold and foreign exchange is provided. Aruba does not participate in the World Bank’s Quarterly External Debt Statistics (QEDS) database; however, it disseminates annual data on gross external debt position by sector—including a breakdown by maturity and instrument— in its Annual Statistical Digest. A debt survey covering both public and private sectors provides information on the amount, currency denomination of foreign debt outstanding, as well as on disaggregation by instrument and amortization payments coming due. | |
| II. Data Standards and Quality | |
| Aruba started participating in the Fund’s GDDS on August 16, 2017. | No data ROSC has been conducted in Aruba. |
Aruba: Table of Common Indicators Required for Surveillance
(As of March 31, 2019)
Includes reserve assets pledged or otherwise encumbered.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Includes foreign, domestic bank, and domestic nonbank financing.
General government consists of the central budget and the Development Fund of Aruba. Composition of financing published only annually.
Including by domestic and foreign holders and instruments.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Aruba: Table of Common Indicators Required for Surveillance
(As of March 31, 2019)
| Date of Latest Observation | Date Received | Frequency of Data /6 | Frequency of Reporting /6 | Frequency of Publication /6 | |
|---|---|---|---|---|---|
| Exchange Rates | Current | Current | M | M | D and M |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities /1 | 12/18 | 02/19 | M | N/A | A, Q, M |
| Reserve/Base Money | 12/18 | 02/19 | M | N/A | A, Q, M |
| Broad Money | 12/18 | 01/19 | M | N/A | A, Q, M |
| Central Bank Balance Sheet | 12/18 | 02/19 | M | N/A | A, Q, M |
| Consolidated Balance Sheet of the Banking System | 12/18 | 02/19 | M | N/A | A, Q, M |
| Interest Rates /2 | 12/18 | 02/19 | M | N/A | A, Q |
| Consumer Price Index | 02/19 | 04/19 | M | N/A | A, Q, M |
| Revenue, Expenditure, Balance and Composition of Financing /3—General Government /4 | Q4/2018 | 3/19 | Q | N/A | A, Q |
| Revenue—Central Government | 12/18 | 3/19 | M | N/A | A, Q, M |
| Stock of Central Government Debt /5 | 2018 | 3/19 | A | N/A | A |
| External Current Account Balance | Q4/2018 | 4/19 | Q | N/A | A, Q |
| Exports and Imports of Goods and Services | Q4/2018 | 4/19 | Q | N/A | A, Q |
| GDP/GNP | 2017 | 3/19 | A | N/A | A |
| Gross External Debt | 2017 | 6/18 | A | N/A | A |
| International Investment Position | 2017 | 6/18 | A | N/A | A |
Includes reserve assets pledged or otherwise encumbered.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Includes foreign, domestic bank, and domestic nonbank financing.
General government consists of the central budget and the Development Fund of Aruba. Composition of financing published only annually.
Including by domestic and foreign holders and instruments.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Aruba: Table of Common Indicators Required for Surveillance
(As of March 31, 2019)
| Date of Latest Observation | Date Received | Frequency of Data /6 | Frequency of Reporting /6 | Frequency of Publication /6 | |
|---|---|---|---|---|---|
| Exchange Rates | Current | Current | M | M | D and M |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities /1 | 12/18 | 02/19 | M | N/A | A, Q, M |
| Reserve/Base Money | 12/18 | 02/19 | M | N/A | A, Q, M |
| Broad Money | 12/18 | 01/19 | M | N/A | A, Q, M |
| Central Bank Balance Sheet | 12/18 | 02/19 | M | N/A | A, Q, M |
| Consolidated Balance Sheet of the Banking System | 12/18 | 02/19 | M | N/A | A, Q, M |
| Interest Rates /2 | 12/18 | 02/19 | M | N/A | A, Q |
| Consumer Price Index | 02/19 | 04/19 | M | N/A | A, Q, M |
| Revenue, Expenditure, Balance and Composition of Financing /3—General Government /4 | Q4/2018 | 3/19 | Q | N/A | A, Q |
| Revenue—Central Government | 12/18 | 3/19 | M | N/A | A, Q, M |
| Stock of Central Government Debt /5 | 2018 | 3/19 | A | N/A | A |
| External Current Account Balance | Q4/2018 | 4/19 | Q | N/A | A, Q |
| Exports and Imports of Goods and Services | Q4/2018 | 4/19 | Q | N/A | A, Q |
| GDP/GNP | 2017 | 3/19 | A | N/A | A |
| Gross External Debt | 2017 | 6/18 | A | N/A | A |
| International Investment Position | 2017 | 6/18 | A | N/A | A |
Includes reserve assets pledged or otherwise encumbered.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Includes foreign, domestic bank, and domestic nonbank financing.
General government consists of the central budget and the Development Fund of Aruba. Composition of financing published only annually.
Including by domestic and foreign holders and instruments.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).