Published On: Wed, Jul 30th, 2014

VBC: “Financial mismanagement inhibits economic growth”

WILLEMSTAD - The unsound financial policy and management blocks the growth of the island. This is according to the Curaçao Business Association (VBC). The association aims its arrows on the financial statements which are treated with unacceptable delay.

Since 10-10 - '10, the day Curaçao became an independent country in the Kingdom, there has been no financial statements approved by Parliament. Even worse, the VBC believes that the financial statements of 2010 and '11 are frowned upon by the General Audit Court (ARC) and government accountant SOAB. The status of the financial statements of 2012 and '13 is still unclear.

According to the association, this is a trend that has been going on for years. The VBC suspects that the lax attitude towards the financial policy has passed over to other government agencies. The Social Insurance Bank (SVB) jumps out with a deficit of 75 million guilders in 2013. Bonafide investors may lose interest to come to Curaçao and this has a negative economic growth as a result.

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