The government received an update on the negotiations for a Rijkswet
ORANJESTAD – On Tuesday, August 6th, Prime Minister Evelyn Wever-Croes and Minister of Finance and Culture Xiomara Maduro met with the group of experts responsible for negotiating the Rijkswet to receive an update.
Recently, the government reached an agreement with the Netherlands regarding debt refinancing. One of the conditions is that Aruba will establish a type of Kingdom act (Rijkswet) to regulate certain aspects of financial supervision. The agreement included the definition of standards in a Rijkswet and its anchoring as a local law, a national ordinance. The Parliament of Aruba must define, modify, and establish new standards. It is the agreed process, followed by a negotiation period to reach a Rijkswet.
A delegation from the Netherlands was in Aruba and negotiated with the Aruban team. The negotiations went well, and consensus has already been reached on some matters, while others still need to be resolved.
The government has approached the International Monetary Fund (IMF) to assist with defining the new standards. Aruba has a financial surplus and meets the required standards, demonstrating financial maturity. It is the reason to redefine the current standards, based on the LAft law 2015, to ensure that Aruba stays out of deficit.