Without the final say, Aruba gains no benefit
The FUTURO ministers are attempting to convince the people that the Rijkswet HOFA offers many benefits for Aruba. A few days ago, Minister Gerlien presented a compilation of supposed advantages. We reviewed this information and present our arguments to show the people why the Rijkswet HOFA brings no benefit to Aruba.
Interest rate not clearly defined
Gerlien: The interest rate will drop from 6.9% to 3,x%. Reality: What does 3,x% even mean? This shows the interest rate for Aruba is still unknown. It also remains questionable why the Netherlands charged Aruba 6.9% for a guarantee during the pandemic, even though Article 36 of the Charter states that the Kingdom’s countries must support each other.
No concrete details about which debts will be refinanced
Gerlien: The Netherlands will refinance part of Aruba’s external debt. Reality: Nothing has been concretely stated: which debts, at what interest rate, under what (possibly political) conditions, and how Aruba must repay the Netherlands. These details are essential to know whether refinancing through the Netherlands would truly benefit Aruba.
Dutch repayment structure absorbs all potential interest savings
Gerlien: Aruba could save 50 million florins per year. Reality: The repayment structure chosen by the Netherlands—covering both interest and principal—eliminates all financial space that could arise from lower interest. The Netherlands simply ensures it gets its money back more quickly.
Extensive exit conditions prolong CAFT supervision for many years
Gerlien: Financial supervision by CAFT ends once Aruba complies for a certain period. Aruba will instead have its own Budget Chamber.
Reality: The exit clause contains 20 conditions. Each one requires its own process. As a result, financial supervision will likely continue for many more years.
Without the final word, Aruba has no benefit
Gerlien: The Rijkswet HOFA is more flexible because Aruba gets its own Budget Chamber, clear exit norms, and a consultation model giving Aruba more say.
Reality: Article 38 of the Rijkswet HOFA grants the Netherlands the final say over Aruba’s financial matters.
If Aruba does not have the final word as a country, and the Netherlands does, Aruba cannot benefit. The Netherlands decides:
• whether the Budget Chamber performs adequately,
• whether Aruba may exit the Rijkswet HOFA,
• how the 20 exit conditions are interpreted,
• and how budgetary management, financial management, oversight, and sanctions are applied.
For every so-called advantage, the Netherlands retains the final decision.
Only one true benefit: the Netherlands gets its money back faster
It is our responsibility to inform the people transparently, responsibly, and honestly that this Rijkswet HOFA does not benefit Aruba, since the Netherlands—not the people of Aruba—has the final word. The only real advantage is that the Netherlands receives its repayment more quickly.