The corona crisis also has an impact on the countries of Aruba, Sint Maarten and Curaçao within the Kingdom. The countries have invoked solidarity within the Kingdom under Article 36 of the Statute for the Kingdom of the Netherlands. Based on the advice of the Aruba Financial Supervision Council (CAft) and the Curaçao and Sint Maarten Financial Supervision Council (Cft), the Kingdom Council of Ministers (RMR) has decided to provide resources in the short term, which should benefit that proportion of the population most affected.
Loans to Aruba
In order to deal with the first consequences of the corona crisis, a liquidity loan of ANG 42.8 million (€ 21.4 million) was provided to Aruba in connection with a package of measures for wage subsidy in combination with job retention. This liquidity loan has a term of two years. The loan has an interest rate of 0%. In accordance with the CAft's advice, it is possible to refinance the liquidity support in two years' time.
Loans to Curaçao and Sint Maarten
Curaçao will receive a liquidity loan of ANG 177 million (€ 88.5 million) to finance the loss of income and the measures for job preservation. This liquidity loan has a term of two years. The loan has an interest rate of 0%.
Sint Maarten has also been granted a liquidity loan of ANG 50.2 million (€ 25.1 million). The condition for this is a 10% reduction in the salaries and / or emoluments of the political authorities. In addition, an amount of € 3 million is withheld from the loan due to costs incurred by the Netherlands for the reception of detainees after Hurricane Irma. This liquidity loan has a term of two years. The loan has an interest rate of 0%.
In accordance with the advice of the Cft, it is possible to refinance the liquidity support to Curaçao and Sint Maarten in two years' time.
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NAZALI TAX & LEGAL |