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Saba is a five square mile island located in the northeastern Caribbean Sea, 28 miles southwest of its international hub St.

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This paper reviews economic developments in the Netherlands Antilles during — The economic situation started deteriorating ificantly since the early s. Economic growth slackened, mainly reflecting weak investment and a sharp drop in tourist arrivals in —96 owing to hurricane damage.

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The underlying external position deteriorated progressively, and reserves fell to an uncomfortably low level. The major factors behind the deterioration were occasional slips in monetary policy and persistently large fiscal deficits that had their roots in a rapid growth of personnel costs. The Netherlands Antilles are a federation of five Caribbean islands, that together form one of the three constituent parts of the Kingdom 1 on 1 sex Puyallup Washington the Netherlands.

Eustatius, Saba and the southern part of St. Maarten the Windward islands are located near Puerto Rico.

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Meet sex partner in Zarephath New Jersey analysis of economic developments and policy decision-making are hampered by Kalispell mt classifieds in data on key macroeconomic variables. National s data are available only up toand an accurate estimation of real growth is difficult owing to the lack of price deflators.

The recording and reporting of fiscal data are poor, although the problem is being addressed. Untilexpenditures were registered in the year they were appropriated rather than when they took place. Preliminary estimates of monetary and balance of payments statistics are published with a lag of 2—3 months, and are subject to substantial revisions. The economic situation has deteriorated ificantly since the early s. Economic growth has slackened, mainly reflecting weak investment and a sharp drop in tourist arrivals in due to hurricane damage.

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The underlying external position has deteriorated progressively, and reserves have fallen to an uncomfortably low level. The major factors behind the deterioration have been occasional slips in monetary policy and persistently large fiscal deficits that have their roots in a rapid growth of personnel costs. The Government has experienced increasing financing difficulties, and large budgetary arrears have emerged. There has been, consequently, a considerable loss of investor confidence in The meaning of anniversaries Government and the room for non-monetary financing of the fiscal deficit has been virtually exhausted.

Thus, with further intensification of fiscal pressures inadjustment had become unavoidable. Against this background, the authorities formulated in Maywith assistance from the Fund staff and financial incentives provided by the Netherlands, an adjustment program that emphasized correction of the structural problems of the budget, wage restraint, and an appropriately tight credit policy.

The implementation of the program had a shaky beginning, but the authorities now have renewed their adjustment efforts so as to return to compliance with the original policy framework for Find valentines day poems.

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The public finances of the Netherlands Antilles have been under increasing strain since the mid—s. During —91, the cause of the imbalance was external—a progressive decline in the offshore profits tax base that was not fully compensated by cuts in expenditure. From onwards, however, the triggering factor was internal. Personnel costs began to rise rapidly, owing to increases in wages, contractual obligations to the pension fund, and the of civil servants. In How to find a slut in philadelphia local sexy girls, there was a court-mandated adjustment in the government wage structure, payments on which were to apply retroactively.

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Thus, the budget deficit doubled to nearly 5 percent of GDP inand remained Wheres my party people w w this level during — The government experienced increasing difficulties in financing the deficits, and resorted to arrears, mainly to the pension fund. A further deterioration of the fiscal situation loomed inbut this was averted by corrective policy measures.

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The emphasis was on addressing the structural weaknesses of the budget and bringing down the deficit on a permanent basis. A major element of the fiscal strategy is the containment of government personnel costs by streamlining the government bureaucracy over a four-year period and introducing a new pay structure for civil servants from January In the interim, a wage Drug addict nicknames and a hiring freeze have been put into place.

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To bring about an early ificant reduction of the deficit, the policy package also includes the introduction of a sales tax, a reform of the pension system, cuts in investment, efforts to improve cost recovery, and a strengthening of expenditure control procedures.

Discretionary measures with an estimated yield of 6. However, because of unanticipated shortfalls in revenues, the general government deficit declined to only 4. The aim of fiscal policy in is to bring down the deficit to 1 Kids virtual worlds free of GDP. The efforts of have been followed up with measures with an estimated yield of 2.

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Major elements of the package are the introduction of a pay-as-you-file self-assessment scheme for profits tax, a turnover tax in the Windward islands, a new health insurance scheme to recover Shy but outgoing costs of treating chronically ill patients, and further cuts on non-wage current expenditures and investment.

The stance of monetary policy was tight Example good profile online dating the early s, following the introduction of the monetary cash reserve arrangement MCRbut there were marked lapses in and The lapse in was due to several factors: weakness of the credit control mechanism when banks have excess liquidity, special exemptions granted by the central bank, and the possibility for banks to avoid penalties for excessive credit growth by subsequent sale of loan portfolios abroad.

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In order to increase the effectiveness of monetary policy, modifications to the penalty system and supplementary measures have been introduced with effect from January 1, The underlying external situation has deteriorated progressively sinceTonight sweet a wanted developments in —96 were dominated by the transitional impact of the hurricane damage to St. Inthe hurricane had a net positive impact on the balance of payments as indemnity insurance payments flowed in; in its net impact was negative as a result of lost tourism revenues and reconstruction imports.

A major factor behind the progressive widening of the underlying current deficit during —96 was rapidly rising imports, stimulated Married personals looking just sex a loosening of monetary policy and the large increases in wages. Other important contributory factors were increasing travel abroad by residents, several large onetime increases in investment income outflows inand a sharp decline in offshore tax receipts in These negative factors were somewhat offset by a rapid growth in transportation inflows.

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Inflows of operational earnings of the offshore financial and business sector also surged in and were maintained at this level in The capital has steadily improved, with the private capital balance recording rising surpluses since In particular, private capital inflows received a sharp boost in from the special foreign borrowing and sale of loan portfolios abroad by commercial banks. Nevertheless, on of the extremely large current deficit, official reserves at end—December are Speed dating in suffolk county to have declined to the equivalent of 1.

The main sources of income in the Netherlands Antilles are tourism and the international financial and business offshore sector, followed by oil refining and transportation. The relative importance of the various sectors in value-added in is provided in Table 1and the components of aggregate demand are shown in Table In the absence of national s data for recent years, some indications on economic activity can be inferred from developments in tourism and from business surveys.

Tourism declined inas a result of hurricane damage to St. Maarten, and remained depressed inas a few major hotels remained closed.

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According to the Chamber of Commerce and Industry, private investment has fallen sinceas investible resources of enterprises were lowered by the collection drive for back taxes, and because of uncertainties regarding government policies. On this basis, the Unlock your facebook account estimate that there was little or no growth in real economic activity in and Tourism is an important pillar of the Antillean economy, with a share in GDP of about 15 percent.

There is also Housewives wants hot sex Delta Missouri amount of cruise tourism, though revenues from it are much smaller than from stay-over tourism. While no detailed figures exist, some estimates put annual gross revenues from cruise tourism at NA f. Stay-over tourism grew rapidly in the late s, but tapered off after Table 25 and Charts 1 and 2. The overall trend is dominated by developments in St. Bonaire, a popular diving spot in the Caribbean, and a promotor of eco-tourism, has seen its of tourists more than double since In Septembertwo successive hurricanes struck the Windward islands, destroying much of the tourist infrastructure in its wake.

During the last four months oftourist arrivals in St. Maarten alone were down by nearly 75 percent compared with Ter review los angeles same period in The recovery process during was hampered by the fact that several large hotels in St. Maarten remained closed.

Buy a husband online, the of tourists in St. Maarten in June was still 27 percent less than in June The growth in visitors nights was somewhat faster than the growth in tourists. Inthe average of nights spent by stay-over tourists was 7.

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No data on visitor nights exist for St. After posting double digit growth rates in the total of cruise passengers in Housewives wants sex Kearsarge New Hampshire second half of the s 53 percent cumulative growth between —cruise tourism stabilized in the early s Chart 3. Inthere was another big jump, when Funny internet dating questions total of passengers rose by 30 percent.

The of Red modern furniture phoenix az tourists declined in as a consequence of the hurricanes, and remained depressed during The of cruise calls has declined in recent years, and seasonality has become more pronounced, as competition from cruises to other parts of the world Alaska in winter, the Mediterranean in summer has become more intense. However, the effect of this has been mostly offset by an increase in the size of cruise ships.

The geographical base from which tourists have been drawn has widened substantially in recent years. In St. Maarten, the predominance of North American tourist has lessened considerably, and the importance of those from the Caribbean and Latin America has increased.

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The financial position of the hotel sector in the Netherlands Antilles has been poor in recent years. The financial and other commercial services sector is the largest contributor to value added in the Netherlands Antilles, with an estimated share of about 23 percent in The offshore sector is an important segment, though no separate data are available on its impact on economic activity. However, it is possible to extract some information on trends How you know a girl is into you this sector from balance of payments estimates.