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Extension of corona loans Aruba, Curaçao and Sint Maarten

Extension of corona loans Aruba, Curaçao and Sint Maarten

The loans totaling more than one billion euros that the Netherlands has granted to Aruba, Curaçao and Sint Maarten provided emergency support during the Corona crisis pandemic are  refinanced and remain interest-free. That has the Council of Ministers decided today.

The Netherlands came to the aid of the countries within the kingdom during the pandemic. With medical care, but also financially. It borrowed EUR 441.7 million (Aruban florin 915.5 million) to Aruba, EUR 448.2 million (Antillean guilder 911 million) went to Curaçao while Sint Maarten EUR 141.7 million (Antillean guilder 292.4 million).

The interest-free loans were necessary for the countries to have their bills could continue to be paid and corporate wage costs could subsidize. This prevented bankruptcies and unemployment
when tourism fell away due to COVID.

These liquidity loans run until April 10, 2022. The financial economic situation has not yet been recovered enough to allow repayment of the loans are. That is why it has been decided to extend the interest-free loans by 18 months extend. The intention is to use that time for the long term make arrangements for repayment.

The Kingdom Council of Ministers also discussed that for the second quarter no liquidity support is needed from the countries.