WILLEMSTAD – The College financieel toezicht (Cft) has issued a positive recommendation on most of Curaçao’s request to borrow XCG 147.7 million for capital investments in 2025. In a letter to Finance Minister Javier Silvania, dated July 23, 2025, Cft Chair Drs. L.M.C. Ongering confirmed approval for XCG 115.7 million of the proposed loan, as the projects are included in the approved 2025 budget and meet the criteria set out in the System of National Accounts (SNA). 

The remaining XCG 32 million also meets the investment criteria but has not yet been included in an approved budget or budget amendment. The Cft advised that this portion of the loan can only be released after the investments are incorporated into a budget amendment approved by Parliament and formally adopted. 

The Cft noted that the 2025 budget process was finalized on May 16, 2025, and that the intended investments qualify as capital expenditures that can be activated on the national balance sheet. Depreciation costs will be spread over the coming years. 

While formal testing against the debt service ratio was not possible due to pending fiscal reports for 2023, the Cft stated it does not expect the ratio to be breached if the loan proceeds.