Willemstad, Curaçao:--- In a moment of significance for regional diplomacy and institutional cooperation, the Social and Economic Council (SER) of Curaçao has been entrusted with the presidency of the Network of Economic and Social Councils and Similar Institutions of Latin America and the Caribbean (CESISALC). The appointment was announced at the conclusion of the Third Intercoonecta Program Meeting, an event co-sponsored by the Spanish Cooperation and the Economic and Social Council of Spain, held in Montevideo, Uruguay, on September 20, 2023. The biennial, rotating presidency will continue through September 20, 2025.

Before this pivotal appointment, the interim presidency was held by the Economic and Social Council of the Republic of Guatemala. Curaçao's SER pledges to carry forward the established legacy of effective leadership and commitment.

The selection of Curaçao's SER is not only an accolade for its accomplished track record but also an affirmation of its potential to contribute substantively to the region's well-being and sustainable advancement—a responsibility the council undertakes with marked seriousness.

The installation ceremony included high-ranking representatives from economic and social councils across Latin America and the Caribbean, including Guatemala, Honduras, the Dominican Republic, Peru, and the ESC of Rio Cuartos, Argentina.

Assuming its presidential role, Curaçao's SER aims to actively engage additional national and subnational economic and social councils as participating members of CESISALC. This initiative seeks to invigorate the network's diversity and foster inclusive discussions on matters crucial to the region.

Operational leadership will be centered in Willemstad, the capital city of Curaçao, marking a significant milestone for this Caribbean Island nation. Curaçao, a constituent country within the Kingdom of the Netherlands, thus becomes one of the smallest states to hold a leadership position of this caliber in the sphere of regional dialogue and institutional cooperation.

The announcement arrives at a critical period for the broader Latin American and Caribbean region, confronting an array of socio-economic challenges. Curaçao's SER presidency in CESISALC is anticipated to be a vital step in building consensus and shaping policies that will positively affect sustainable development and governance.

For more information, visit CESISALC's official website: www.cesisalc.org.
 

PHILIPSBURG:--- On Saturday, September 16th, 2023, members of the Rotary Club of St. Martin Sunset joined by over 40 various members from the Lions, Leos, and the Rotary Club of St. Maarten Mid-Isle along with other local volunteers gathered by the Philipsburg Pond area (Ring Road) to collect thirty-six (36) garbage bags of trash totaling 550 pounds along with lumber and cardboard boxes. Members and volunteers cleaned up the areas between the Centrale Bank van Curaçao and Sint Maarten and the L.B. Scott Sports Auditorium. The cleanup was organized jointly by the Rotary Club of St. Martin Sunset’s Disaster Relief Committee led by Chairwoman Linaisa Mardenborough and the Sint Maarten Lions Club led by President Felix Richards in an effort to bring awareness to the importance of keeping our island and particularly our shorelines free from pollution and waste.

International Coastal Cleanup (ICC) Day is celebrated on the third Saturday in September
every year, and it is the largest one-day volunteer event in the world. Awareness is spread,
about preserving and protecting the world’s oceans and waterways. Supporting the
environment is an area of focus for Rotary International and Rotary clubs worldwide. Through the Rotary Foundation, more than $18 million has been allocated to environment-related projects over the past years and Rotary clubs now have more opportunities to bring about positive change in the world and in our community.

According to Disaster Relief Chairwoman Linaisa, “I am very pleased with the turnout of this morning. This year for the ICC 2023 we collaborated with our fellow Sint Maarten Lions Club and the St. Maarten Leo's Club to reach a common goal, which was to clean up around our Great Salt Pond. Though rain caught us out in the field, our energy remained high in order to complete this project. I look forward to many more successful collaborations with the different service clubs on our island.”

In addition, President Felix stated, “As we stand here today, we see the potential for even greater achievements when we come together and work in harmony. Let us extend our heartfelt gratitude to the Rotary Club of St. Martin Sunset for initiating this endeavor. This project paves the way for future collaborations, bigger projects, and a more profound impact on our communities.”

On behalf of both organizations, we would sincerely like to thank Wilco NV and Captivate Construction & Cleaning for assisting us with the cleaning equipment and collecting of the trash after the cleanup. We would also like to thank CC1 for providing cases of water and juices, and Carl & Sons Unique Bakery for providing the delicious sandwiches.

The Rotary Club of St. Martin Sunset would like to encourage the community to support our
future projects and we would also like to remind the general public and visitors alike to work together to keep our island clean during their outings. Let us protect the scenery and ecosystems of our country.

The Rotary Club of St. Martin Sunset meets every second and fourth Monday of the month at Carl N Sons Unique Inn and Conference Facilities in Colebay at 7:30 PM. The club can be contacted via email at This email address is being protected from spambots. You need JavaScript enabled to view it. or via the official Facebook page at facebook.com/rotarysxmsunset.

PHILIPSBURG:--- The Ministry of Finance is pleased to share the journey of securing CAPEX for the budget year 2023, marking a significant milestone in enhancing the future of Sint Maarten. The path to obtaining CAPEX has been long and taxing, but it reflects our commitment to responsible financial management and delivering essential investments to benefit the people of Sint Maarten.

In the past, Sint Maarten faced challenges in meeting the standards set by the RFT article 15 in conjunction with article 16 (Kingdom Act on Financial Supervision of Curacao and Sint Maarten) for capital investments. Consequently, CAPEX requests went unapproved for several years, with the last successful approval and allocation of funds occurring in 2014. Recognizing the importance of securing funding for vital investments, the Ministry of Finance initiated a comprehensive reform process.

The Ministry began with a commitment to enhance transparency, accountability, and the substantiation of investment proposals. The Ministry of Finance adopted a three-fold approach:

1. Proper Explanation: Each investment was meticulously explained in the budget, ensuring clarity and transparency.
2. Impact on future budgets: Future expenses resulting from these investments were accurately disclosed and recorded in the multi-year budgets.
3. Justification of investment value: Investments were supported by comprehensive calculations or quotes, substantiating the amount of each investment item.

This process not only refined investment proposals but also involved educating personnel on the importance of meeting these standards.

Following the approval of the 2023 budget, the CAPEX portion underwent thorough scrutiny by the CFT (Committee for Financial Supervision of Curacao and Sint Maarten) under Article 12. The CFT's statement on CAPEX reads: "Sint Maarten budgets a total of ANG 90 million for investments in 2023. These investments are sufficiently substantiated, including a multi-year impact assessment on the budget."

Unlike previous years, the CAPEX loan process underwent adjustments, requiring a risk assessment by the Netherlands and approval by the Netherlands Council of Ministers, ‘Tweede Kamer’, and ‘Eerste Kamer’. This adjustment resulted in some delays, especially due to their summer recess.

After a six-month wait since Parliament's approval of the 2023 budget on March 31, 2023, we are thrilled to announce that the Eerste Kamer granted their final approval on September 26, 2023, for the CAPEX loan of approximately Naf 60.9 million. We are now in the final stages of the process to receive the funding, bringing us one step closer to executing crucial investments for the betterment of Sint Maarten.

The approved CAPEX for 2023 encompasses a range of projects that will positively impact Sint Maarten's infrastructure and community, including but not limited to:

• Shade for the Dr. Martin Luther King School Playground
• Renovation of various sports facilities
• Expansion and reconstruction of the John Larmonie Center and Philipsburg Cultural and Community Center
• Completion of the Prins Willem Alexander School
• Hard surfacing of various dirt and main roads
• Dutch Quarter road development program
• Expansion of the sewage network, co-financed by the Trust Fund and the Netherlands.
• Improved software & hardware for various departments.

The additional Naf 29.1 has been granted by the Netherlands to cover the financing of the new Tax and Financial Management System as well as phase one of construction of the new prison.

As we await the final steps in securing the funding, the Ministry of Finance remains committed to ensuring that these investments contribute to the growth, development, and prosperity of Sint Maarten.

PHILIPSBURG:--- The Ministry of Finance would like to provide a comprehensive overview of the ongoing situation with ENNIA and the proposed solutions to address the critical financial issues facing the company. This update comes in response to previous communications to Parliament from the Minister of Finance, including letters dated August 28, 2023, and September 11, 2023, as well as the Prime Minister's presentation to the Committee of General Affairs on September 13, 2023.
The core issue at hand is the substantial capital shortage at ENNIA, which poses a significant threat to the financial well-being of approximately 30,000 policyholders. Without a viable solution, these policyholders would face substantial reductions in their pensions, which could have far-reaching social and economic consequences.
Key Points:
1. Multi-Country Collaboration: It is essential to emphasize that any potential solution requires the agreement of Curacao, Sint Maarten, the Central Bank of Curacao and Sint Maarten and the Netherlands. The policyholders are residents of Curacao and Sint Maarten, and the Netherlands has expressed its willingness to provide a capital injection, contingent upon approval by the Dutch Second and First Chambers. Should any of the involved countries fail to agree, a solution for the ENNIA situation becomes unattainable.
2. Negotiations and Technical Committee: Substantial negotiations have taken place on a technical level involving Curacao, Sint Maarten, the Technical Committee ENNIA, the Central Bank of Curacao and Sint Maarten, the Ministry of the Interior and Kingdom Relations, the Dutch Central Bank, and the Ministry of Finance of the Netherlands. The Technical Committee ENNIA comprises of representatives from the CBCS, as well as reputable external legal and financial advisors from Curacao and the Netherlands.
3. Acknowledged Intervention: Based on these negotiations, it is widely recognized that intervention is necessary due to the significant capital shortfall at ENNIA. Without a capital injection, the 30,000 policyholders would face substantial pension reductions, leading to severe social and economic consequences.
4. Agreement Reached on Technical Level: At the technical level, Curacao and Sint Maarten, along with the Central Bank of Curacao and Sint Maarten, have reached an outline agreement. This agreement stipulates that ENNIA will undergo a solvent restart with a substantial capital injection. Experts consider this solution financially sound and realistic.
5. Confirmation Required: However, it's important to note that the agreement still requires confirmation at the Ministerial level, subject to Parliament's approval of the 2024 budget.
6. Debt Concerns for Curacao: A significant challenge at present is the potential increase in debt and debt-to-GDP ratio for Curacao. This increase may lead to a violation of the Kingdom Act Financial Supervision for Curacao and Sint Maarten (the Rft) due to the exceeded interest burden norm.
7. Cft Advice: The Board of Financial Supervision (the Cft) has expressed above mentioned concerns in a letter dated August 21, 2023, and negotiations are underway with Curacao to address this situation.
The Proposed ENNIA Loan Mentioned by State Secretary Van Huffelen: The refinancing offer made to Sint Maarten is favorable, including full refinancing, interest-only terms, and a spread repayment profile. However, this offer is contingent upon the resolution of the ENNIA situation, and term sheets must be signed by all parties before October 15, 2023, subject to budget approvals.
Impact on National Budget: While the exact impact on the national budget can be determined after loan agreements are finalized, it's estimated that Sint Maarten for its part of the loan will on-lend the received loan from the Netherlands – through a capital injection – to ENNIA. The loan will in principle be mirrored from the Netherlands to Sint Maarten and from Sint Maarten to ENNIA, meaning that the interest Sint Maarten must pay to the Netherlands will in principle be the same interest ENNIA has to pay to Sint Maarten.
However, the Cft, will add the ENNIA loan to the interest burden of the Rft, which will become approximately Naf 26.6 million and as such under the current interest burden norm of Naf 32.7 million.
Government's Intentions and Deadline: The Government's intentions are clear: the refinancing offer hinges on the resolution of the ENNIA situation, with term sheets requiring all parties' signatures before the recently extended date of October 15 2023. These agreements remain subject to parliamentary approval. The Ministry of Finance is actively engaged in negotiations to find a mutually agreeable solution to the ENNIA situation, understanding the significant impact it has on policyholders and the broader community. Collaboration between Curacao, Sint Maarten, and the Netherlands is essential to reaching a resolution that safeguards the interests of all stakeholders.