Cft: “Cost control remains crucial”

The Curaçao economy recovered well in the first six months of 2022. Curaçao will reduce the budgetary deficit in 2022 and will present a balanced budget in 2023. However, the recovery of public finances is fragile and under pressure due to declining economic growth. New economic uncertainties and lagging savings and reforms in health care and social security present long-term risks for the public finances. A structural reduction in the costs of the public sector, health care and social security, combined with strict fiscal policy, budget discipline and reforms from the National Package (Landspakket) are essential to strengthen the public finances’ recovery. The Board of financial supervision Curaçao and Sint Maarten (Cft) insisted on these issues in its recent meetings with the government of Curaçao.