Published On: Mon, Dec 10th, 2018

Cft: significant deterioration finances in third-quarter

Photo Cft 4 october 2017WILLEMSTAD - The Board of Financial Supervision (Cft) announced in a letter to Minister of Finance Kenneth Gijsbertha that the financial situation of Curaçao in the third quarter has deteriorated considerably.

The plus of 9 million guilders that was in the budget halfway through the year turned into a deficit of 30 million. The Cft takes into account a deficit of at least 23 million throughout this year. The main cause of the negative situation in the third quarter is disappointing tax revenue. In addition, the Cft fears that the dividend remittance of the public-limited companies will be lower than budgeted.

In the budget of this year, a reservation of 40 million guilders has been included to compensate for part of the deficit in 2017. The Curaçao government wants to spread that compensation in three years, but permission from the Dutch government in The Hague is needed.

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