The Netherlands prepared to close Caribbean ‘pension gap’ of 600 million euros

August 25, 2023  –THE HAGUE – The Netherlands is willing to lend an additional 600 million euros to Curaçao and Sint Maarten to prevent the significant reduction of pensions for about 30,000 policyholders due to the emptying of the insurance company Ennia’s funds by its owner/businessman Ansary. This decision was made by the Council of Ministers today. 

The 600 million euros will be in addition to the nearly 1.2 billion euros allocated for the refinancing of the expiring COVID-19 loans to Aruba, Curaçao, and Sint Maarten on October 10th. An agreement has not yet been reached with the governments of these countries, as they have not yet agreed to the conditions set by the Netherlands. 

Without an agreement, the refinancing of the COVID-19 loans will still occur, but at an interest rate that could go up to 8%. With an agreement, the interest rate would be limited to 3.1%. Furthermore, the approval of both the Second and First Chambers is also required. 

In a letter sent to the Second Chamber today, State Secretary Van Huffelen mentioned that the Wever-Croes cabinet (Aruba) is reportedly close to ceasing its opposition to the financial oversight being regulated through a Kingdom Act. 

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