Cash & debt · draft budget 2027

DraftBefore Parliament

A thin cash cushion, a growing loan book

The draft budget plans a surplus of Cg 8.1M for 2027. That is a result on paper: day-to-day revenue minus day-to-day spending.

Cash is different. Free cash is money in the bank that is not already set aside, what is left after loan repayments, investments and the timing of bills. The budget’s cash forecast ends 2027 with Cg 2M.

Investments, buildings, equipment, generators, are mostly paid for with borrowed money. So the loans the government owes grow during the year, from Cg 1,047M to Cg 1,078M.

Surplus on paperCg 8.1MDay-to-day revenue minus spending, 2027

Free cash, end of yearCg 2MFrom Cg 5M at the start of 2027

Loans, end of yearCg 1,078MFrom Cg 1,047M at the start of 2027

Interest on the debtCg 31MBudgeted for 2027

Cash through the year

How free cash moves through 2027

Free cash starts 2027 at Cg 5M. It peaks at Cg 59M after Q1, when receipts are highest, and ends the year at Cg 2M.

Payments are larger than receipts in 3 of the 4 quarters. For scale: in Q4 alone, Cg 160M goes out.

“Sint Maarten has no liquidity to absorb unexpected setbacks or to make new policy.”

Board of Financial Supervision (Cft), advice of 9 July 2026 on an earlier draft

Free cash, quarter by quarter

Read from left to right: the opening balance, then each quarter’s change. The top of each step is the cash left at that point. Select a quarter for its receipts, payments and closing balance.

More in than out More out than inCg millions

Q4 2027

Money in: Cg 139M
Money out: Cg 160M
Change: Cg −21M
Free cash after: Cg 2M

Free cash by quarter, 2027, in millions of Cg
Quarter	Money in	Money out	Change	Free cash after
Start				Cg 5M
Q1	Cg 192M	Cg 138M	Cg +54M	Cg 59M
Q2	Cg 138M	Cg 163M	Cg −25M	Cg 34M
Q3	Cg 130M	Cg 141M	Cg −11M	Cg 23M
Q4	Cg 139M	Cg 160M	Cg −21M	Cg 2M

Free cash at the end of each year

The forecast has free cash at Cg 25M by the end of 2030. Those later years count new loans to refinance debt that falls due in 2029 and 2030.

What the government owes, and what it adds

The loan book

What the government owes, and what it adds

The government starts 2027 owing Cg 1,047M in loans. During the year it plans to borrow Cg 53M more for investments and to repay Cg 22M. That leaves Cg 1,078M at the end of the year.

Rate on the new loan3.75%The interest rate the budget expects to pay

Borrowing the law allowsCg 53.0MThe draft budget law, the text Parliament votes on, allows borrowing of up to Cg 52,986,502.

Loans falling due later

The budget plans to refinance, borrow again to repay, debt that falls due in these years:

2029Cg 59M
2030Cg 79M

The loan book over 2027

Every loan, line by line

Statement E, an annex to the numbers book, lists each loan with its interest rate, what is still owed and the interest due. Old, expired or empty lines (no amounts printed) are hidden unless you ask. Its printed total for the end of 2027 matches the loan overview above: Cg 1,078M.

Amounts in millions of Cg, from whole-guilder figures. You can sort by any column.

Refinancing liquidity loans (2023)
Rate
3.4%
Owed, end 2026
Cg 313.9M
Owed, end 2027
Cg 313.9M
Interest 2027
Cg 9.1M
Loan Capex 2024
Rate
2.43%
Owed, end 2026
Cg 128.3M
Owed, end 2027
Cg 124.5M
Interest 2027
Cg 3.0M
EIB Loan (On-lending to PJIA)
Rate
4.5%
Owed, end 2026
Cg 91.0M
Owed, end 2027
Cg 91.0M
Interest 2027
Cg 4.1M
Sint Maarten 2010, tranche maturing 2030 (Stichting Overheidsgebouwen block)
Rate
2.75%
Owed, end 2026
Cg 78.6M
Owed, end 2027
Cg 78.6M
Interest 2027
Cg 2.2M
Refinancing Bond (printed 'Refinancinng Bond')
Rate
3.62%
Owed, end 2026
Cg 73.5M
Owed, end 2027
Cg 69.6M
Interest 2027
Cg 2.5M
Investeringen 2014 (investments 2014)
Rate
2.25%
Owed, end 2026
Cg 58.7M
Owed, end 2027
Cg 58.7M
Interest 2027
Cg 1.3M

Total as printed

Owed, end 2026: Cg 1,046.5M
Owed, end 2027: Cg 1,077.5M
Interest 2027: Cg 29.9M

Government loans in Statement E: interest rate, amount owed at the end of 2026 and 2027, and interest budgeted for 2027

Refinancing liquidity loans (2023)	3.4%	Cg 313.9M	Cg 313.9M	Cg 9.1M
Loan Capex 2024	2.43%	Cg 128.3M	Cg 124.5M	Cg 3.0M
EIB Loan (On-lending to PJIA)	4.5%	Cg 91.0M	Cg 91.0M	Cg 4.1M
Sint Maarten 2010, tranche maturing 2030 (Stichting Overheidsgebouwen block)	2.75%	Cg 78.6M	Cg 78.6M	Cg 2.2M
Refinancing Bond (printed 'Refinancinng Bond')	3.62%	Cg 73.5M	Cg 69.6M	Cg 2.5M
Investeringen 2014 (investments 2014)	2.25%	Cg 58.7M	Cg 58.7M	Cg 1.3M
Loan Capex 2027 (new loan for 2027 capital spending)	3.75%	n/a	Cg 53.0M	Cg 2.0M
Loan Capex 2023	3.25%	Cg 53.8M	Cg 51.4M	Cg 1.7M
Sint Maarten 2010, tranche maturing 2035 (Stichting Overheidsgebouwen block)	2.88%	Cg 50.0M	Cg 50.0M	Cg 1.4M
Sint Maarten 2010, tranche maturing 2040 (Stichting Overheidsgebouwen block)	3%	Cg 50.0M	Cg 50.0M	Cg 1.5M
Investeringen 2011-2012 (investments 2011-2012)	2.375%	Cg 44.8M	Cg 44.8M	Cg 1.1M
Loan Capex 2026	3.5%	Cg 42.1M	Cg 42.1M	Cg 1.5M
Budget tekort lening 2017 (budget-deficit loan 2017)	0%	Cg 42.0M	Cg 40.0M	n/a
Government Building	2.45%	Cg 39.5M	Cg 39.5M	Cg 1.0M
Refinancing SXM 2010 (50)	0%	Cg 35.9M	Cg 31.9M	Cg 0.0M
Loan Capex 2025	3.4%	Cg 30.2M	Cg 29.2M	Cg 1.0M
Liquiditeitslening eerste kwartaal 2018 (liquidity loan, first quarter 2018)	0%	Cg 28.7M	Cg 27.4M	n/a
Liquiditeitslening Q2 2018 (liquidity loan, second quarter 2018)	0.74%	Cg 26.1M	Cg 25.0M	Cg 0.2M
Aankoop Emilio Wilson 3,5 (purchase 'Emilio Wilson')	1.8%	Cg 18.2M	Cg 17.2M	Cg 0.3M
Sint Maarten 2017	0.83%	Cg 8.7M	Cg 7.2M	Cg 0.1M
Government TrustFund Loan to PJIA	4.5%	Cg −167.4M	Cg −167.4M	n/a
EIB Loan PJIA restitutie (interest refunded by PJIA)	n/a	n/a	n/a	Cg −4.1M
Total as printed		Cg 1,046.5M	Cg 1,077.5M	Cg 29.9M

Loans plus short-term debt, measured against the economy

How big is the debt?

Loans plus short-term debt, measured against the economy

Loans are not everything the government owes. The memorandum adds short-term debt, amounts owed that fall due within a year, and puts total debt at Cg 1,127M at the end of 2027, against Cg 1,088M a year earlier.

To compare debt across countries and years, it is set against GDP, the value of everything the economy produces in a year. The budget uses two forecasts of GDP, one from the IMF and one from the Central Bank, so it prints two ratios.

Debt at the end of 2027, as the memorandum gives it
Kind of debt	Amount
Long-term debt	Cg 982M
Short-term debt	Cg 145M
Total debt	Cg 1,127M

Debt as a share of GDP · IMF

32.2%

at the end of 2027, against 32.6% a year earlier.

Debt, incl. short-term debt The whole economy (GDP)

Using the IMF's forecast of GDP: Cg 3,499M for 2027.

What the investment budget is paid with

Paying for investment

What the investment budget is paid with

The capital budget, money for buildings, equipment and other things that last for years, totals Cg 249M in 2027. That is Cg 222M of investments plus Cg 27M of loan repayments and study loans.

Of the money that pays for it, 76% is borrowed: loans approved in earlier years but not yet used, plus the new 2027 loan.

BorrowedCg 188Mof Cg 249M in capital financing

Investments plannedCg 222MBuildings, equipment, land and more, 2027

What the Cft said · on an earlier draft

New loan while past investments sit unspent

The draft included a new loan request of Cg 57 million for investments without showing clearly which investments it covers, or how it relates to the 2026 investment plans, whose budget had not been approved either. About Cg 200 million for investments planned in earlier years is still on the books but not carried out, while the country already pays about Cg 5.5 million in interest on the related loans; the new loan would add about Cg 2 million. The Cft said this can be justified if the money is well spent, but for a large part that is not yet the case. It has repeatedly asked for a multi-year investment agenda, which was again missing, and found the per-ministry investment overview unclear and not adding up. The final ordinance authorises borrowing of up to Cg 52,986,502 (NL 3).

The Cft’s full advice →

How the Cg 249M capital budget is financed

Health and social funds

Years of losses, and reserves that shrink

Sint Maarten’s health-insurance funds are managed by SZV, a public body, not by a ministry, so their money sits outside the budget’s totals. The memorandum reports on them all the same.

In every year it shows, from 2020 to 2023, the health funds spent more than they took in. Their reserves are projected to fall every year, from Cg 279.8M in 2025 to Cg 178.3M in 2029.

Reserves

Cg millions

Result each year

Revenue minus spending, Cg millions

What the Cft said about the funds

The Cft’s full advice →

The Board of Financial Supervision (Cft) advised on an earlier draft of this budget on 9 July 2026. On the funds, its main points were:

Health funds lose money every year
According to SZV's estimates, the health-care funds (ZV, OV and FZOG) run deficits of about 35 million a year over 2027-2030, and SZV itself has operating deficits of about 20 million a year (the letter gives no currency for these two figures; Cg is implied). They are partly covered from the surpluses and reserves of other social funds, including the AOV old-age pension fund, leaving SZV with a loss of about Cg 15-25 million a year, so its liquid reserves would run out within a few years. The Cft called the deficits 'a real threat' to public finances.
Doubts about legality; reforms urged
The Cft doubts that this cross-financing between funds is lawful under the current health-care and social-security ordinances and asked for an independent legal opinion. Without one, it assumes the cross-financing is unlawful and that Sint Maarten must take measures to cover future deficits lawfully from 2027. By Sint Maarten's estimates, general health insurance (GHI), a tourist tax and measures at SZV could partly close the deficits, and a buffer fund (schommelfonds) set up under the GHI law could cover deficits lawfully. The Cft said the GHI and tourist-tax bills 'must now really be implemented' by 1 January 2027. These steps would not remove all risks but would buy time.
Debts inside the social system
About Cg 500 million of debt has built up over the years from the health-care funds and SZV to the other social funds; the country guarantees it, so in principle the government would have to repay it. The Cft accepted that solving this needs more time than the 2027 budget allows. It understood the government is examining (partial) forgiveness of the debt using reserves of the buffer fund still to be set up, and advised obtaining legal advice on this too. Separately, the government owes SZV an estimated more than Cg 100 million, partly for the civil servants' health-cost scheme (OZR); a payment arrangement is needed soon, which also matters for the hospital (SMMC). The Cft called it positive that the Minister wants to solve this and has asked SOAB to map these arrears.

“Without this opinion, the Cft assumes that the cross-financing is unlawful”

“Zonder dit oordeel gaat het Cft ervan uit dat de kruisfinanciering onrechtmatig is”

Board of Financial Supervision (Cft)

What the Cft asked for, and what the documents show

Cover SZV's deficits lawfully in the 2027 budget
Not done
The Minister's reply lists general initiatives (more revenue, better financial management and oversight, structural reforms) without amounts or dates (NL 335). No specific coverage measure appears in the budget documents: the final memorandum still projects the health and social funds' reserves falling every year, to Cg 178.3 million in 2029 (EN 20), and counts no revenue from new measures such as the tourist tax (EN 13).
Obtain an independent legal opinion on cross-financing
Unknown
Not mentioned in the Minister's reply (NL 335) or in the government's reply to the Council of Advice (NL 313); the Council noted it had gone unanswered (NL 306). Whether an opinion has been sought cannot be established from the budget documents.
Implement general health insurance and the tourist tax by 1 January 2027
Promised
Neither was law when the budget was submitted. The final memorandum leaves tourist-tax revenue (about Cg 18 million in previous budgets) out of the forecasts until the legislation is passed (EN 13), while aiming to realise it in 2027 through a later budget amendment (EN 22). Completing the GHI legislation is listed as a 2027 activity of the health ministry (EN 120).
Get legal advice on (partial) forgiveness of the inter-fund debt
Unknown
Not addressed in the Minister's reply.
Agree a payment arrangement for the government's debt to SZV
Unknown
The Cft noted that SOAB had been asked to map the arrears. The Minister's reply does not mention the debt or an arrangement.

Revenue the budget leaves out

Money not counted

Revenue the budget leaves out

Some money the government has talked about raising is left out of the figures until it is certain. None of it is in the revenue, cash or debt figures on this page.

Tourist tax
Cg 18M
Left out until Parliament passes the law; the government aims to add it in 2027 through a budget amendment.
Revised Fees Ordinance (Legesverordening)
No amount given
Being prepared; not in the estimates.
Gaming tax
No amount given
Being explored; not in the estimates.
Better tax compliance
No amount given
Programme under way; no yield counted.

Sources and publication notes

2027	Cg 2M
2028 (forecast)	Cg 3M
2029 (forecast)	Cg 13M
2030 (forecast)	Cg 25M

2025	279.8M
2026 (forecast)	257.8M
2027 (forecast)	234.0M
2028 (forecast)	207.1M
2029 (forecast)	178.3M

2020	−43.4M
2021	−56.1M
2022	−61.9M
2023	−47.3M