Ms. Jennifer Arends-Reyes, together with her colleagues of the AVP faction, paid close attention to the explanations provided by the ministers of the AVP/FUTURO Cabinet in response to questions from Parliament members during the continuation of the debate on the HOFA Kingdom Act. Afterwards, the leader of the green faction concluded that this debate is not merely technical; it is essential for Aruba’s financial future and the island’s social stability. It is important for citizens to understand what is on the table and what it means for our country.
During a recent address, Prime Minister Mike Eman highlighted the crucial difference between models such as RAFT and COHO—processes in which Aruba had no input—and the current trajectory that led to the HOFA Kingdom Act draft, which emerged from nearly two years of negotiations and exchange.
The need to restructure public finances did not arise out of nowhere. It stems from the crisis caused by the 2020 pandemic, when tourism—the engine of Aruba’s economy—came to a complete halt. Government revenues fell, while expenditures to support the population increased. To survive that moment, Aruba received financial support from the Netherlands amounting to nearly 1 billion florins, but that support came with a clear condition: Aruba must work toward stabilizing its public finances to be able to absorb future external shocks.
The Netherlands subsequently sought guarantees of continuity through a legal framework at the Kingdom level. This is how the discussions surrounding the HOFA Kingdom Act began.
If this matter is not handled clearly or is halted abruptly, international confidence may decline, making debt refinancing more expensive. This means that more of the people’s money will go toward interest payments rather than investments.
Parliamentarian Arends-Reyes stated:
“In a world that changes quickly and is full of uncertainty, we must stand firm. Stability is not a luxury; it is a necessity to protect our future. Let us evaluate our path with seriousness and wisdom, thinking not only about today but about the Aruba of tomorrow.”
Press release: AVP