Kingdom Of The Netherlands Curaçao And Sint Maarten
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Kingdom of the Netherlands—Curaçao and Sint Maarten: 2021 Article IV Consultation Discussions; Press Release and Staff Report by International Monetary,International Monetary Fund. Western Hemisphere Dept. Pdf
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.
Kingdom of the Netherlands-Curaçao and Sint Maarten by International Monetary Fund. Western Hemisphere Dept. Pdf
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.
Kingdom of the Netherlands—Curaçao and Sint Maarten: Selected Issues by International Monetary,International Monetary Fund. Western Hemisphere Dept. Pdf
Kingdom of the Netherlands-Curaçao and Sint Maarten by International Monetary Fund. Western Hemisphere Dept. Pdf
Curaçao and Sint Maarten, which form a monetary union (Union), are recovering from the pandemic and earlier shocks. Substantial tourism recoveries in both economies supported robust growth and strong fiscal adjustments. Curaçao’s GDP is still below its pre-pandemic level while Sint Maarten is expected to exceed it this year. Both countries are working on structural reform packages, although the focus is still mainly on studies and preparation.
Kingdom of the Netherlands—Curaçao and Sint Maarten by International Monetary Fund. Western Hemisphere Dept. Pdf
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.
Kingdom of the Netherlands-Curacao and Sint Maarten by International Monetary Fund. Western Hemisphere Dept. Pdf
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.
Kingdom of the Netherlands—Curaçao and Sint Maarten by International Monetary Fund. Western Hemisphere Dept. Pdf
This 2016 Article IV Consultation highlights that the fiscal situation in Curaçao and Sint Maarten remains relatively stable, following the debt relief in 2010, but progress on necessary fiscal and structural reforms has been slow. Curaçao experienced modest growth in 2015 of 0.1 percent, reflecting a turnaround from the contraction of 1.1 percent in 2014. The economy of Sint Maarten expanded by 0.5 percent in 2015, a slowdown compared with the 1.5 percent recorded in 2014. Real GDP growth in 2016 is expected to reach 0.5 percent in Curaçao and 0.7 percent in Sint Maarten. Over the medium term, growth is expected to pick up moderately to 0.9 percent and 1.3 percent for Curaçao and Sint Maarten, respectively.
International Monetary,International Monetary Fund. Monetary and Capital Markets Department
Author : International Monetary,International Monetary Fund. Monetary and Capital Markets Department Publisher : International Monetary Fund Page : 71 pages File Size : 40,6 Mb Release : 2022-03-25 Category : Business & Economics ISBN : 9798400205514
Kingdom of the Netherlands-Curaçao and Sint Maarten: Technical Assistance Report-Implementation of Risk-Based Supervision by International Monetary,International Monetary Fund. Monetary and Capital Markets Department Pdf
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.
Author : Charlotte M. A. M. Duijf,Alfred H. A. Soons Publisher : Unknown Page : 0 pages File Size : 54,9 Mb Release : 2011 Category : Netherlands ISBN : 9058507238
The Right to Self-determination and the Dissolution of the Netherlands Antilles by Charlotte M. A. M. Duijf,Alfred H. A. Soons Pdf
On October 10, 2010, the Netherlands Antilles, an autonomous country within the Kingdom of the Netherlands consisting of five islands in the Caribbean, was dissolved. Two of the islands, Curacao and Sint Maarten, became autonomous countries within the Kingdom. The other three islands (Bonaire, Saba, and Sint Eustatius), were integrated into the Netherlands as special "public bodies." The status of Aruba, the other Caribbean country within the Kingdom, remained the same. This study examines the process that lead to the dissolution of the Netherlands Antilles, and the current status of the islands, from the viewpoint of the right to self-determination of peoples under international law. In particular, the book examines how the individual islands of the former Netherlands Antilles became separate units of self-determination and how the choices that lead to their current status were made. Especially, the integration of the islands of Bonaire, Saba, and Sint Eustatius into the Netherlands raises complicated questions about the conformity with international law of their current status and the continued relevance of the right to self-determination.
Kingdom of the Netherlands—Curaçao and Sint Maarten by International Monetary Fund. European Dept. Pdf
KEY ISSUES Context: The union’s current account deficit—the key economic vulnerability flagged in the previous (2011) consultation—has declined over the past few years, including thanks to fiscal adjustment in Curaçao. But it remains large. Curaçao’s growth and job creation remain lackluster, due to weak competitiveness, adverse sectoral trends (e.g., in the international financial center), red tape, and rigid labor laws. Sint Maarten’s tourism-based economy is recovering but remains vulnerable to shocks and suffers from weak administrative capacity—as underscored, for example, by weakening tax collection. Risks: Both Curaçao and, especially, Sint Maarten are exposed to shifts in tourism demand. Curaçao is vulnerable to the uncertain situation in Venezuela, its main trading partner. If long-discussed flexibility- and competitiveness-enhancing structural reforms are not implemented, both countries’ capacity to absorb shocks may prove limited, and pressures on FX reserves and, ultimately, the peg may intensify. Policy recommendations: Fiscal policies should entrench recent gains to facilitate continued external adjustment (especially in Curaçao) and build buffers against shocks. Curaçao should extend the reform of its pension system to public sector workers, further streamline its administrative apparatus, and address weak governance and finances in state companies. Sint Maarten needs to increase revenues to support an expanding administration, including through stronger tax collection and greater contribution from its profitable state companies. The common central bank must monitor closely the deterioration in banks’ loan portfolios and refrain from direct financing of non-financial companies. It should also use more standard sterilization tools to control banks’ excess liquidity. Urgent action is required to lower the cost of doing business and remove pervasive disincentives to both supply and demand of labor.
Author : International Monetary Fund Publisher : International Monetary Fund Page : 57 pages File Size : 55,8 Mb Release : 2011-12-08 Category : Business & Economics ISBN : 9781463928599
Kingdom of the Netherlands by International Monetary Fund Pdf
The two newly autonomous countries within the Kingdom of the Netherlands face substantial challenges. Growth has been low, and unemployment high. The current account deficit has widened to worrisome levels, increasing the vulnerability of the peg to the U.S. dollar and stimulating calls for dollarizing or dissolving the currency union. A substantial adjustment is needed to bring the underlying current account deficit to historically sustainable levels over the medium term. This could be facilitated by measures to restrain credit growth, supported by fiscal consolidation.
Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: Sint Maarten 2012 Phase 1: Legal and Regulatory Framework by OECD Pdf
This report examines Sint Maarten's legal and regulatory framework for the exchange of tax information.
Treaty Series Cumulative Index No.52 by United Nations Office of Legal Affairs Pdf
This is the fifty-second volume of the United Nations Treaty Series Cumulative Index.This volume covers the treaties and international agreements contained in volumes 2751 to 2800 of the United Nations Treaty Series (UNTS). The volume consists of two main sections, each preceded by an explanatory note. In the first section, “Chronological Index”, treaties and international agreements are listed in the order of the dates on which they were first adopted, signed or opened for signature or accession, etc. Any subsequent agreements and/or actions relating to the original agreement are to be found under the date of the original instrument. The second section, “Alphabetical Index”, refers to treaties and international agreements by a party and by subject.
Treaty Series 2774 by United Nations Office of Legal Affairs Pdf
In accordance with Article 102 of the Charter and the relevant General Assembly Resolutions, every treaty and international agreement registered or filed and recorded with the Secretariat since 1946 is published in the United Nations Treaty Series. At present, the collection includes about 30,000 treaties reproduced in their authentic languages, together with translations into English and French, as necessary. The Treaty Series, where treaties are published in the chronological order of registration, also provides details about their subsequent history (i.e., participation in a treaty, reservations, amendments, termination, etc.). Comprehensive Indices covering 50-volume-lots are published separately. A Standing Order service is available for the Series and out-of-print volumes are available on microfiche.
