荷兰王国库拉索岛和圣马丁岛：2025年第四条磋商讨论新闻稿；员工报告

2025ARTICLE IV CONSULTATIONDISCUSSIONS—PRESS RELEASEANDSTAFF REPORT Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussionswith members, usually every year. In the context of the2025Article IV consultationdiscussionswiththeKingdom of the Netherlands—Curaçao and Sint Maarten, thefollowing documents have been released and are included in this package: •APress Release. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsiderationon a lapse of time basis,following discussions that ended onJune25,2025, with the officials oftheKingdom of the Netherlands—Curaçao and Sint Maartenon economic developments and policies. Based on information available at the time ofthese discussions, the staff report was completed onAugust 6, 2025. •AnInformational Annexprepared by the IMFstaff. TheIMF’s transparency policy allows for the deletion ofmarket-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.orgPrice: $18.00per printed copy International Monetary FundWashington, D.C. IMF Executive Board Concludes2025Article IV ConsultationDiscussionswithThe Kingdom of the Netherlands—Curaçaoand Sint Maarten FOR IMMEDIATE RELEASE •The Executive Board of the International Monetary Fund (IMF) concluded the 2025ArticleIV consultation discussions with The Kingdom of the Netherlands—Curaçao and SintMaarten on a lapse of time basis on September 2, 2025. •In both islands, economic activity was strong, driven by tourism and construction, and thenear-term outlook remains favorable.Consecutive surpluses helpedcreate fiscal space,while public investments have slowly been ramped up.Fiscal accounts are expected toremain guided by the fiscal rule. •Monetary policy is appropriately targeted towards maintaining the peg and the financialsector is broadly sound. Both countries need to continue advancing their structural reformagenda. Washington, DC–September9, 2025:The Executive Board of the International MonetaryFund (IMF)completedthe Article IVConsultationDiscussionsforTheKingdom of theNetherlands—Curaçao and Sint Maarten1and endorsed the staff appraisal without a meetingon a lapse-of-time basis.2These consultation discussions form part of the Article IVconsultation with the Kingdom of the Netherlands.The authorities have consented to thepublication of the Staff Report prepared for this consultation.3 Context.Reaping the post-pandemic tourism boom, Curaçao’s and Sint Maarten’s economieshave been expanding strongly, driven by stayover tourists and construction activity.Disinflation broadly continued, with some uptick in Sint Maarten throughout 2024. The Union’scurrent account deficit remained elevated as rising tourism receipts were offset byconstruction-related imports. In both countries, the fiscal position remained strong and incompliance with the fiscal rule. Progress on thelandspakket, the structural reform package agreed with the Netherlands in 2020, has recently slowed, with notable exceptions arounddigitalizing permits. Curaçao outlook.Growth is projected to moderate to 4 percent in 2025, balancing domesticimpulses and heightened global uncertainty.Further expansion of stayover tourism andconstruction activity will continue to support growth in 2025, along with fiscal expansion drivenby higher public investments. Growth is expected to moderate to 2 percent over the mediumterm, given saturation in tourism and slower global demand, while publicinvestmentswouldbe carried forward.Inflation is projected to stabilize at 2.5 percent in 2025and graduallyconverge to 2 percent in the medium term.Primary fiscal balances would remainin surplus.The current account deficit would decline in the medium term but remain elevated. Sint Maarten outlook.Growth is projected to remain robust in the near term as tourismcapacity expands.Stayover tourism will continue to drive growth in 2025 to 3.0 percent.Further expansion in hotel capacity will add to the island’s potential to sustain growth, partiallycounterbalancing the headwinds from slowing global demand. Over the medium term, growthis expected to converge to 2 percent as tourism is approaching carrying capacity. Inflationwould remain broadly contained, at 3.3 percent in 2025,tapering off to 2 percent in themedium term. Thefiscal positionis expected to deteriorate temporarily on account ofstrongerinvestments. The current account balance is envisaged to graduallyturn into a small surplusinthe medium term. Risks.Risks to the outlook are tilted to the downside. Global trade policy and investmentshocksand a stronger-than-expected global slowdown would adversely impact tourism andcould raise import prices on bothislands. A stronger-than-e