Aruba must quickly reduce government debt of 3 billion euros

Aruba's government debt is much too high at almost 6 billion Aruban florins (3.11 billion euros). The main task for the current government is to reduce this to an acceptable level, said the chair of the Board of Aruba Financial Supervision (CAft), Raymond Gradus, on Friday.

The CAft is visiting Aruba and holding discussions with the government and the Court of Audit, among others. It has been noted that Aruba's economy is recovering well from the difficult period it suffered during the coronavirus pandemic.

But the country must now use the period of recovery to put the budget in order and bring the public debt to an acceptable level, according to the CAft. The debt has risen to about 104 percent of the country's GDP.

The CAft was established in 2015 to oversee Aruba's public finances. The board also includes former minister Hans Hoogervorst.