Curacao faces bleak financial future

POSTED: 09/18/12 12:41 PM

WILLEMSTAD – Curacao is looking at a bleak financial future. From 2013 on the Finance Ministry projects an annual deficit of 187 million guilders ($104.4 million) for three years straight.
The Finance Ministry published a report entitled Financial Situation Curacao last week. For this year the deficit remains limited t0 41.7 million, after a 163.8 million deficit in 2011.
For 2013 the ministry projects expenditures to the tune of 1,843 million guilders. Revenue from taxes is expected to be 1,443 million while other revenue will bring in 212 million. Until 2015 tax revenue will increase (to 1,522 million) but the deficit remains the same.
Civil servant salaries take up 480 million guilders this year, 514 million next year, 532.5 million in 2014 and 5512.5 in 2015, the Antilliaans Dagblad reported yesterday.
Social benefits expenditures will increase from 514 million guilders this year to 574 million in 2015.
The ministry states in the report that there is a 110 million guilder challenge in the healthcare sector for 2013. If that situation remains unsolved, the deficit could be even higher.
The finance ministry says that the funds for old age provisions will be balanced by 2015 due to reform in this sector. But this will only happen, the newspaper notes, if those reforms will be executed.

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