Workers on a renovation project of the Sacred Heart School in St. John’s.
SABA/STATIA--Of the three Windward Islands, inflation in 2018 was the highest on Saba with 2.9 per cent. In St. Maarten the inflation in 2018 was 2.7 per cent and in St. Eustatius the lowest: 1.4 per cent. Employment grew on both St. Eustatius and Saba in 2018.
These figures were stated in the recently published 2018 annual report of the Committee for Financial Supervision (CFT). The report contained a number of figures relating to the economy of all six Dutch Caribbean islands and the work that the CFT has done.
According to the report, employment on Saba increased by 20 per cent in 2018 compared to 2016, while on St. Eustatius employment rose by 15 per cent in this same period. Unemployment on St. Eustatius in 2018 was 4.1 per cent and on Saba 3.3 per cent.
On St. Eustatius, the population grew with more than 5 per cent to 3,400 persons per January 1, 2018. On Saba, the number of residents increased by 9 per cent to about 2,200 persons per the same date.
The Saba University School of Medicine, an important contributor to Saba’s economy, has fewer students than before Hurricanes Irma and Maria. Before the 2017 hurricanes, there were about 400 students and a teaching staff of about 50 persons. These numbers dropped after the hurricanes and have not returned to the old level.
Arrivals and departures by air increased on both St. Eustatius and Saba in 2018 when compared to 2017. On St. Eustatius 42,200 passengers came in and departed by plane, or 11 per cent more. Saba saw an increase of 1,700 aircraft passengers in 2018 compared to 2017, equalling a growth of more than 6 per cent.
No exact tourism figures were available for Saba. Between 9,000 and 10,000 tourists arrive by air per year and another 10,000 to 12,000 visitors come in per ferry or yacht. Saba has mooring facilities for smaller cruise ships. St. Eustatius does not have mooring facilities for cruise ships.
The CFT report mentioned the effects that the Venezuela crisis have on St. Eustatius. In May 2018, a lien was placed on the oil supply that was stored at the NuStar Energy terminal. The Venezuela oil company PdVSA used the terminal to store oil destined for Asia. The lien was lifted, but later in the year, there were increasing problems with payment arrears of PdVSA to NuStar. NuStar sold the terminal and Prostar Capital is the new owner.
With the exception of St. Eustatius, which is under direct supervision of the Dutch government since February 2018 and the role of the CFT has been suspended, the CFT carries out financial supervision on the islands.
Because the CFT has no role on St. Eustatius since early 2018, the annual report didn’t include information on the status of financial supervision on the island. However, the CFT regularly visits St. Eustatius to keep abreast of the developments regarding the public entity’s finances and the financial management.
The quality of Saba’s financial management is good, according to the CFT. Saba has a certified accountant’s report for both accuracy and legality of its 2017 annual account. This is the fourth year in a row that Saba has received this top qualification. Saba had positive financial results in 2017 and 2018.
