IMF Staff Concludes Staff Visit to Curaçao and Sint Maarten

• The COVID-19 pandemic has been inflicting major economic damage in both Curaçao and Sint Maarten. GDP is projected to drop by 23% in Curaçao, and 25% in Sint Maarten, wielding a major impact on the fiscal revenue, social security systems, and balance sheets in all sectors.
• This could put the countries in need of support measures for the rest of the year, which could result in a sizeable increase in debt. Following this, it will be pertinent that the authorities implement measures to put the debt firmly on a downward path as the crisis abates.
• Strong commitment to deep structural reforms that were urgently needed before the pandemic, also becomes critical to a successful post-COVID recovery.

(Source: IMF)