Joint Press Statement
Netherlands Antilles

and the
International Monetary Fund

September 15, 2000

The following statement was issued jointly by the authorities of the Netherlands Antilles and an IMF staff team following a staff visit

The Government of the Netherlands Antilles, the Bank van de Nederlandse Antillen and the Island Government of Curaçao are committed to the accelerated implementation of a comprehensive medium-term economic adjustment and reform program. The financial and economic component of this program and essential structural reforms to be implemented during the next six months have been designed in line with advice of staff of the International Monetary Fund. This program will be complemented by structural adjustment geared at reinforcing the business environment and increasing investment in infrastructure and human capital. Consistent implementation of this program will establish the basis for economic recovery, restoring confidence and achieving sustainable growth and job creation.

IMF staff has advised the Government of the Netherlands to provide NA f. 110 million in liquidity support in 2000. As a result, the financing gap in the 2000 budget will be closed and the various governmental authorities will be able to settle the backlog of outstanding claims and arrears and to restore financial discipline. The Antillean authorities plan to seek further assistance from IMF staff early next year to help design a multi-year adjustment program in the context of additional aid from the Netherlands.


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