Under the auspices of the Netherlands-based Council for Financial Oversight, the island has made some important structural changes over the past two years that should see its fiscal position improve into the longer term. Among these is an increase in the retirement age from 60 to 65; an additional sales tax of 9% on luxury goods; a more progressive property tax; and a reduction in the number of public servants in order to ease the public-sector wage bill. Additional reform efforts have been focused on healthcare, such as the implementation of a basic medical insurance scheme and a preference for generic drugs in order to reduce the medicine bill. These measures, combined with a spending freeze, have helped the island to reverse the deficits that were accumulated during the Schotte administration. Nevertheless, slower progress has been made on implementing other policy recommendations, including some supported by the IMF, such as a move to introduce a value-added tax (VAT), as well as greater flexibility to the labour market. Long-term policy will be guided by the island's 2015-30 National Development Plan, which seeks to boost competitiveness, improve infrastructure and diversify the economy further.

The opening up of state utilities to competition and private-sector investment will also advance only slowly, and the government will need to address the underperformance of state-owned companies. A policy of encouraging alternative, sustainable electricity generation and energy conservation in order to reduce dependence on imported fuel is making progress, but will be hindered if the weakness of international oil prices proves sustained, as this would undermine the competitiveness of alternative energy sources. The island will remain an attractive tourism destination, but it is heavily dependent on Venezuelan demand, which will be affected by that country's ongoing recession (year-on-year stopover visitors from Venezuela fell by 6.3% in 2015). On the positive side, Curaçao has a more diversified economy than the rest of the Dutch-speaking Caribbean, which means that it is less vulnerable to a slump in tourism or any other single sector. Ongoing infrastructure improvements-including a new hospital for the island, as well as a new arrivals hall for the airport-should also help to boost growth and employment. In addition, plans for an oil pipeline from Venezuela are under consideration.