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Cura Ao And Sint Maarten

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Kingdom Of The Netherlands Cura Ao And Sint Maarten 2021 Article Iv Consultation Discussions Press Release And Staff Report

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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2021-08-25

Kingdom Of The Netherlands Cura Ao And Sint Maarten 2021 Article Iv Consultation Discussions Press Release And Staff Report written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-25 with Business & Economics categories.

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 Cura Ao And Sint Maarten Selected Issues

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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2021-08-25

Kingdom Of The Netherlands Cura Ao And Sint Maarten Selected Issues written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-25 with Business & Economics categories.

Selected Issues

Cura Ao And Sint Maarten

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Author : Brian Kwok Chung Yee
language : en
Publisher: International Monetary Fund
Release Date : 2023-06-16

Cura Ao And Sint Maarten written by Brian Kwok Chung Yee and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-16 with Business & Economics categories.

The International Monetary Fund’s (IMF’s) Statistics Department (STA) provided technical assistance (TA) on financial soundness indicators (FSIs) to Centrale Bank van Curaçao en Sint Maarten (CBCS) during April 25–May 9, 2022. The mission worked with the staff of the CBCS on the development of FSIs that are in line with the IMF’s 2019 FSIs Guide. The mission (i) reviewed the institutional framework for collection and dissemination of FSIs data for both Curaçao and Sint Maarten; (ii) examined the source data, institutional coverage, and accounting and regulatory frameworks used in the compilation of the FSIs for deposit takers (DTs); (iii) assisted the CBCS in compiling FSIs for DTs on the basis of internationally accepted standards as set out in the IMF’s 2019 FSIs Compilation Guide (2019 FSIs Guide) separately for Curaçao and Sint Maarten with the aim of reporting to STA for dissemination; (iv)prepared the accompanying metadata for posting on the IMF’s FSI website; (v) assessed dataavailability to compile FSIs for other financial corporations (OFCs); and (vi) addressed some other issuesrelated to the FSIs compilation and reporting that the CBCS’s staff raised.

Kingdom Of The Netherlands Cura Ao And Sint Maarten

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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2023-07-28

Kingdom Of The Netherlands Cura Ao And Sint Maarten written by International Monetary Fund. Western Hemisphere Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-28 with Business & Economics categories.

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 Cura Ao And Sint Maarten

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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2022-08-11

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 Cura Ao And Sint Maarten

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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-22

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.

Kingdom Of The Netherlands Curacao And Sint Maarten

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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2020-04-01

Kingdom Of The Netherlands Curacao And Sint Maarten written by International Monetary Fund. Western Hemisphere Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-01 with Business & Economics categories.

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 Cura Ao And Sint Maarten

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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-01-25

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 Cura Ao And Sint Maarten

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Author : International Monetary Fund. European Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2014-08-27

Kingdom Of The Netherlands Cura Ao And Sint Maarten written by International Monetary Fund. European Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-27 with Business & Economics categories.

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.

Kingdom Of The Netherlands Cura Ao And Sint Maarten Technical Assistance Report Implementation Of Risk Based Supervision

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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2022-03-25

Kingdom Of The Netherlands Cura Ao And Sint Maarten Technical Assistance Report Implementation Of Risk Based Supervision written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-03-25 with Business & Economics categories.

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.

Cura Ao And Sint Maarten

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