THE HAGUE – St. Maarten will still qualify for a low-interest rate (3.4%) for the refinancing of the COVID-19 loan. The Dutch government does not want St. Maarten to suffer due to Curaçao’s failure to finalize the Ennia deal.

The Pisas Cabinet, however, will have to pay the price for its unreliability in making a last-minute 180-degree turn. Starting tomorrow, Curaçao will have to pay 5.1% interest on the extension of the COVID-19 loan of over 900 million guilders. This will cost the island over 15 million guilders annually. Aruba is even worse off, also due to its own actions. Because the Wever-Croes Cabinet refused to approve the Kingdom Act on Financial Supervision, it will face an interest rate of 6.9% starting tomorrow.

In a letter to the Dutch Parliament, State Secretary Alexandra Van Huffelen of Kingdom Relations provides extensive background information. Between the lines, there is frustration over the behavior of Prime Minister Gilmar Pisas, who had been pushing for a restart of Ennia for months. The Netherlands was willing to make it possible with a loan of 660 million euros in a way that would not compromise Curaçao’s investment capacity.

The last-minute decision by the Pisas Cabinet to scrap the agreement already reached had to be learned by Van Huffelen from media reports while she was in Willemstad on a working visit. Confirmation from the Prime Minister came a day later.

It should be noted that all three countries still need to sign the agreement for their refinanced COVID-19 loan. This must be done by tomorrow morning Dutch time because the Senate will decide on the required budget amendment later in the day.

Bron: Curacao Chronicle