News item | 11-02-2022 | 21:21
Aruba and the Netherlands agree to the submission of the consensus Kingdom Act Aruba Financial Supervision (RAft). This is partly the result of the agreement reached on a consensus Kingdom Act on the Caribbean Body for Reform and Development (COHO).
In September 2021, Aruba and the Netherlands reached an agreement on arranging financial supervision by means of a consensus Kingdom Act. The RAft is aimed at sustainable recovery of Aruba’s public finances. The agreement came about thanks to intensive negotiations between experts from both countries.
Agreements are laid down in the RAft about, among other things, the budget standards to be used, the personnel costs standard and the path towards reducing the national debt. Aruba now faces a serious task and is determined to succeed in recovering the country financially.
It was crucial for Aruba to adopt an integrated approach, whereby the submission of the COHO Kingdom Act had to go hand in hand with the submission of the RAft. On the basis of the recently reached agreement on the COHO Kingdom Act, the way has been cleared to also submit the RAft Kingdom Act to the House of Representatives and the States of Aruba. For example, the reforms formulated and the sustainability of Aruba’s public finances are being worked on in an integrated manner.