Uncertainty Persists Over Refinancing Loans For St Maarten Curacao Uitermark Confirms
Uncertainty Persists Over Refinancing Loans for Curaçao and St. Maarten, Dutch Minister Confirms
By Correspondent | June 9, 2025
THE HAGUE – The Netherlands has not yet decided whether it will refinance the expiring loans granted to Curaçao and St. Maarten, Dutch Minister of the Interior and Kingdom Relations Judith Uitermark told Parliament on Monday. The existing loans, which mature in October, remain in limbo as both Caribbean countries struggle to meet their repayment obligations.
Weeks ago, the Financial Supervision Board (Cft) confirmed that Curaçao can repay only €40 million of its €139.7 million debt. St. Maarten, facing more severe financial strain, is unable to repay any portion of its €73.5 million loan. These figures highlight the gravity of the fiscal challenges facing both nations.
Minister Uitermark, responding in writing to questions from the Parliamentary Committee for Kingdom Relations, pointed out that the Cft has warned both governments repeatedly—since 2022—to reserve funds for repayment. Despite these warnings, little progress has been made.
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“The Netherlands cannot dictate how the countries structure their budgets,” she emphasized. “Public finance is a sovereign matter and falls under the responsibility of each government.”
Although refinancing currently seems the most realistic path forward, Uitermark clarified that no decision will be finalized until later this month. The government will publish its Revised Budget Memorandum tied to the first supplementary budget, after which Parliament will have an opportunity to review and respond.
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The issue carries broader implications. Several additional loans to the Caribbean parts of the Kingdom will mature in the coming years. Uitermark confirmed she will initiate talks with the governments of Curaçao and St. Maarten to address their long-term debt management strategies.
Additionally, the Cft has recommended the Netherlands attach stricter repayment terms to any future loans. These conditions aim to promote fiscal responsibility and avoid repeated financial shortfalls.
For now, both countries—and Parliament—await clarity, as the deadline approaches and financial stakes grow.