2019 Article IV Consultation-Press Release and Staff Report; and Statement by the Executive Director for the Kingdom of the Netherlands-Curacao and Sint Maarten

Abstract

2019 Article IV Consultation-Press Release and Staff Report; and Statement by the Executive Director for the Kingdom of the Netherlands-Curacao and Sint Maarten

Fund Relations

The 2019 Article IV consultation discussions were held in Curaçao and Sint Maarten during November 5 – 22, 2019. The staff team comprised D. Kovtun (head), C. Flodberg, O. Hendrick, and A. Oshima (all WHD). J. Hanson (OED) joined the discussions. C. Barbosa, S. Konate, and T. Zhu (all WHD) provided valuable assistance from the HQ. The mission met with senior officials, representatives of private sector, finance industry, and labor unions. Upon return to headquarters, the team also met with a Sint Maarten delegation from the interim government.

1. Membership Status: The Kingdom of the Netherlands is an original member of the Fund. On February 15, 1961, the Kingdom of the Netherlands accepted the obligations of Article VIII, Sections 2, 3, and 4 of the Articles of Agreement for all territories.

Kingdom of the Netherlands

(As of February 1, 2020)

article image
article image

IV. Outstanding Purchases and Loans: None

V. Latest Financial Arrangements:

article image

VI. Overdue Obligations and Projected Payments to Fund 1/

(SDR Million; based on existing use of resources and present holdings of SDRs):

article image

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

VII. Implementation of HIPC Initiative: Not Applicable

VIII. Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable

IX. Implementation of Catastrophe Containment and Relief (CCR): Not Applicable

As of February 4, 2015, the Post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust.

Exchange Rate Arrangements: The exchange rate arrangement is a conventional peg arrangement. The Netherlands Antillean guilder has been pegged to the U.S. dollar at NAf 1.79 per US$1 since 1971.

Last Article IV Consultation Discussions: The Executive Board concluded the 2018 Article IV Consultation Discussions with Curaçao and Sint Maarten on January 15, 2019, on the basis of IMF Country Report No. 19/23.

Technical Assistance (2018–January 2020):

Curaçao

  • 1. Key reforms in public financial management (CARTAC, February 2018)
  • 2. Scoping mission in tax and customs administration areas (CARTAC, June 2018)
  • 3. National accounts review (CARTAC, July 2018)
  • 4. Reforming the Curaçao payroll process to improve controls and cost management (CARTAC, October 2018)
  • 5. Tax administration: organizational arrangements and implementation of ICT system: (CARTAC, October 2018)
  • 6. IFRS implementation (CARTAC, May 2019)
  • 7. Curaçao customs: strengthening risk management capacity and developing a trusted trader program (CARTAC, June 2019)
  • 8. Tax administration modernization through implementation of a new tax information system (CARTAC, July/August 2019).
  • 9. Public financial management: developing the internal audit function (CARTAC, August 2019)
  • 10. Government financial reporting and government financial statistics (CARTAC/STA, September 2019)
  • 11. Tax policy (FAD, October 2019)
  • 12. Monetary policy instruments and domestic debt market (MCM, October-November 2019)
  • 13. Contingency planning (MCM, December 2019)
  • 14. Banking supervision and regulation: Basel II-III implementation (CARTAC, January 2020)
  • 15. External statistics (CARTAC, January 2020)

Sint Maarten

  • 1. Macro-fiscal framework (WHD, April 2018, November 2018, May 2019, November 2019)
  • 2. Scoping mission in tax administration and customs areas (CARTAC, November 2019)

Statistical Issues

(As of March 3, 2020)

article image
article image

Curaçao and Sint Maarten: Table of Common Indicators Required for Surveillance

(As of March 3, 2020)

article image

Yields on Treasury bills and government bonds. Bank deposit/lending interest rates are not compiled.

The Sint Maarten Department of Statistics discontinued the CPI processing system in end-2017 and is working on a new system which will be rolled out in January 2019, with the base year of 2018.

The general government data defined as the central government and the social security funds are not compiled.

Including currency and maturity decompositions.

The external debt data are not compiled, but it can be derived from the international investment position.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Collaboration with Other International Financial Institutions

Collaboration with the World Bank Group.

Information can be obtained from the following hyperlinks:

World Bank Projects in Sint Maarten

(As of January 1, 2020)

article image
Source: The World Bank.Note: For active and closed projects, the commitment amount at Board approval is shown in U.S.$ millions. This does not reflect any cancellations. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation. For further updates, see: http://projects.worldbank.org/search?lang=en&searchTerm=&countrycode_exact=SX.
Kingdom of the Netherlands-Curacao and Sint Maarten: 2019 Article IV Consultation-Press Release and Staff Report; and Statement by the Executive Director for the Kingdom of the Netherlands-Curacao and Sint Maarten
Author: International Monetary Fund. Western Hemisphere Dept.