After months of intense negotiations by the Government of Aruba since the beginning of the global pandemic, finally, on Friday, November 13, 2020, the Government of Aruba signed the agreement with the Netherlands. With this agreement, Aruba enters a new phase of financial tranquility but also a new chapter in which Aruba will start rebuilding. Besides, the Netherlands will support Aruba in the reactivation of its economy and in securing the borders.
On November 13, 2020, the Council of Ministers of the Kingdom of the Netherlands agreed with the contents proposed for the newly established Caribbean Entity for Recovery and Development (COHO). Aruba will receive 209 million florins by this week, a 0% interest loan with repayment starting in 2022. This third tranche covers the term from July 1, 2020, until December 31, 2020.
The agreed statute are:
- Financial Supervision / Statute Aruba Financial Supervision (RAFT)
- Caribbean Agency for Recovery and Development (COHO) goes to the State Council and Advisory Council (consulting agencies) of Aruba and the Netherlands for advice on these two laws. This advice is given to the Governments for consideration and then to Parliament.
Compliance with the conditions of the Kingdom Act is essential for obtaining the following payment terms of liquidity support. With the agreement reached, the Netherlands will continue to provide loan installments in different quotas until 2025.
“Aruba is now starting a new phase, the reconstruction of our country. We should not be afraid of this new phase. We have confronted worse situations than this, and we surpassed them and even achieved Status Aparte. Regretfully the bad financial management from 2009-2017 has crippled our country financially while the Covid19 pandemic caused the complete downfall before we were able to start with the reconstruction. This is the reality that we all have to live with. But, now we start with a new phase. I am ready for this phase. Let’s join and stand strong putting Aruba first. Aruba is ours, and we should take our country forward”, the Prime Minister said.
The agreement is available on issuu.com/gabinetewevercroesaruba