Coalition MP: “Economic growth thanks to the joint efforts of Cabinet Pisas II

June 12, 2023  –WILLEMSTAD – Member of Parliament for the coalition party MFK Ramón Yung congratulates Cabinet Pisas II, in a press statement, on the recent positive outcome indicated by the IMF, and therefore believes that credit should be given where it is due and Cabinet Pisas II should also receive what is rightfully theirs. 

Recently, the International Monetary Fund, in their “Concluding Statement,” indicated that after a long period of economic contraction, the economy of Curaçao is recovering, thanks to the growth in the tourism sector and substantial investments in the private sector. 

The MFK faction is certainly very pleased with the results presented by the IMF. This is a demonstration that the collective efforts and sacrifices made by Cabinet Pisas II are bearing fruit. In addition to the economic growth in 2021 and 2022, the IMF projects economic growth for both 2023 and 2024. Inflation is also projected to moderate from 3.7% in 2023 to 2.0% in the medium term. 

The management of public finances, according to the “Concluding Statement,” indicates that there has been significant progress over the past two years. The fiscal balance shows a surplus of 0.4% of our Gross Domestic Product for the year 2022, which indicates an improvement from the deficit of 1.6% of our Gross Domestic Product in the year 2019. 

The MP says that today, Curaçao can speak of economic growth, and this is thanks to the efforts and sacrifices made by Cabinet Pisas II collectively. For the MFK faction, it is important for the people of Curaçao to understand that economic growth is influenced by various factors. 

The decision of Prime Minister Pisas to open all borders and lift the lockdown was the main decision that led to an increase in tourist arrivals to our country. In addition to this, the allocation of land for housing and commercial and tourism projects, combined with the accelerated process of granting permits for the construction of mega projects in the tourism and commercial sectors, certainly played a significant role in the economic growth of our country, says the coalition MP. Yung also reiterates that the development in the construction sector is undoubtedly one of the key catalysts for measuring economic growth in a country. 

“Naturally, we must also acknowledge the commendable work of both the CTB (Curaçao Tourist Board) and CHATA (Curaçao Hospitality and Tourism Association) in the positive outcome of our country’s economic growth.” 

Yung says that in addition to that, effective compliance management and improvements in tax collection, which resulted in, among other things, the distribution of ‘San Antonio’ benefits and tax refund payments, were another factor that contributed to the efforts to keep the country’s economy moving and achieve positive results. The MP continues indicating that the fuel price mitigation measure helped curb inflation and lessen the impact of fuel price increases on citizens. Compliance management created financial leeway, allowing for the allocation of tranches, reaching a total sum of around 19.6 million to the CMC, ensuring continuity of care. Without neglecting the investment of 3.9 million in Capriles, and the availability of 1.8 million for home doctors, pending the realization of HAP. 

Improvements in school facilities with assistance from the Netherlands, investments in and improvements to various sports facilities, and the initiation of the digitalization process in the education sector, all contributed to the development and economic growth. In today’s modern world, digitalization and data accumulation are crucial for measuring a country’s economic growth. 

In the justice sector, after several years of development, initiatives such as the renovation of facilities in Barber, facilities for the closure of irregular migrants at SDKK prison, the reconstruction of the kitchen at SDKK, and the acceleration of the process for granting permits to irregular migrants, all contribute to the positive development of the economy, according to the coalition MP.  

Recently, the border with Venezuela was reopened.  

Yung says that with the assistance of an injection of 1.5 million guilders from the Ministry of General Affairs, the Ministry of Social Affairs initiated the process of providing 100 housing units for the less privileged. Prime Minister Pisas witnessed the signing of an agreement between RdK and Global Oil Management Group, which will focus on their activities in asphalt production and exportation, and later also in diesel production for exportation, among other products. 

According to Yung, the MFK faction is convinced that these actions, combined with strict and continuous compliance management and the upcoming introduction of the online gambling law, along with measures to reduce expenditure in the healthcare sector, will undoubtedly contribute to the strengthening and growth of our country’s economy, as indicated by the IMF in its projections for 2023 and 2024. However, it is also important to pay attention to the IMF’s indications that better conditions and facilities need to be provided for the most vulnerable, while digitalization and the improvement of public services are also aspects that deserve attention as complementary processes to economic growth. 

“The MFK faction is fully convinced that Cabinet Pisas II, as a government of the people, by the people, and for the people, will stay true to its governance program and reform processes in order to fulfill the trajectory for Curaçao’s economic growth,” says the MP.  

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