Aruba’s financial outlook is showing strong signs of improvement, according to Drs. Martijn Balkestein, Executive Director of the Aruba Chamber of Commerce and Industry (KvK). In an interview with Diario, Balkestein expressed optimism following ongoing discussions with Minister of Economy and Finance, Geoffrey Wever.
The Chamber has observed a significant rise in government revenue. Compared to 2019, Aruba’s income in 2024 has increased by 45%, largely due to the implementation of the BBO (Sales Tax) at the airport starting August 1, 2023.
“Just one year after the BBO at the airport was introduced, revenue has grown by 25%. Compared to 2019, the increase is as much as 84%, which is quite significant,” Balkestein explained.
While this is good news for the government—allowing it to meet its debt obligations—Balkestein noted there’s still room for reflection: “We must ask whether this benefits local citizens and businesses, as the additional revenue comes from consumer spending through the BBO.”
He also referenced the most recent report from the Committee for Financial Supervision (CAft), which revealed that the government had generated a surplus of 122 million florins.
KvK has asked the minister how this surplus will be used. “So far, it’s being directed toward debt repayment to the Netherlands, which KvK supports,” he said, “because interest payments are high.” However, he also pointed out that public investments are lagging, despite government plans.
“Even CAft has expressed concern that the government’s investment plans are falling behind schedule. The execution does not match the initial ambitions,” said Balkestein.
Despite these concerns, he emphasized, “Financially, Aruba is on a good path.”
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