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Dutch Government Bails Out Antilles

Tax-news.com

18 December 1999


The Dutch Government has bailed the Netherland Antilles out of their financial crisis by promising to give 130 million guilders to support the Antilles.

80 million of these guilders will be used to bolster the Antilles public finances, which are still heavily indebted.  The Antilles have been awaiting approval by the International Monetary Fund of a National Recovery Plan, but the money promised by the Dutch will go a long way to helping recover their struggling public finances until the IMF deliberates on the Plan in March 2000.

The Dutch Government has told the Antilles Central Government that the 80 million guilders should be used for implementing the Recovery Plan and has asked to be kept informed of how it is spent.

The other 50 million guilders will go to help the Antilles recover from damage done by Hurricane Lenny.

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