Member of Parliament Endy Croes firmly defended Aruba’s impeccable track record over the last 40 years since the introduction of its Status Aparte. The MP recalled that Aruba has always demonstrated maturity and responsibility in its financial management, particularly regarding loans acquired on the international market, including in New York. Throughout these four decades, Aruba has always paid all its debts structurally, in accordance with regulations and maturity dates, without ever falling into a default situation. According to Croes, this trajectory of compliance should give the Netherlands the necessary confidence, serving as proof and a guarantee that Aruba will honor the COVID-19 loan flawlessly and without missing any payments.
The Mega Debt of AVP (2010-2017)
Croes stressed that the current financial reality must be viewed within the context of recent history. He emphasized that we must NOT forget that the AVP party borrowed the astronomical sum of 2,200 million florins during the years 2010-2017, solely to cover their annual budget deficits. This policy, described as “partying until the downfall” (feestvierend ten ondergaan), created the national Mega Debt, pushing our debt from 43% in 2009 to 93% in 2017. This is the reality, and we all know the history regarding Mike Eman—specifically the hunger strike—when the Netherlands wanted to force the Kingdom Act (Rijkswet) down the throat of the AVP government back in 2014.
From COVID-19 to IMF Standards
Following COVID-19, a much more solid financial management can be observed, where the official numbers speak for themselves. This illustrates a structural reduction in our national debt, which even surpasses expert forecasts as it moves toward compliance with the recommendations of the International Monetary Fund (IMF):
The COVID-19 Year: The national debt reached its highest point in history, hitting 112% of GDP, due to borrowing 916 million florins from the Netherlands to survive the pandemic.
Year 2025: A successful reduction of the national debt to below 70% was achieved.
Year 2026: Aruba’s debt is reaching 61%.
Financial reports indicate that Aruba’s national debt will continue to decline under the structure implemented by the Wever-Croes II Cabinet since 2022 post-Covid, and will reach 47% by the year 2029. This is a safe level and falls below the 50% standard recommended by the IMF in its March 2025 report.
Praise from CAft
These results demonstrate that Aruba can handle its own affairs and that our country is moving in the right direction. There is no reason for the Netherlands to think Aruba will fail. This reality was confirmed in February of this year (2026), when the Chairman of CAft (Board of Financial Supervision) himself declared before the Parliament of Aruba that the financial recovery seems “too good to be true.” This praise came right at the moment he reviewed the financial details and highlighted the major achievement of the 500 million florin surplus left behind in December 2024.
Conclusion
MP Croes concluded by stating that what is needed from the Netherlands is political will so that we can reach an alternative agreement to the HOFA, but one that will deliver the same results—such as a mutual agreement (onderlinge regeling) or a revision and modification of the current LAFT (National Ordinance on Financial Supervision). In this manner, financial compliance can be guaranteed, bringing tranquility back to both sides of the Atlantic Ocean.