Under the tutelage of the Kingdom Council of the Netherlands, the government is continuing its fiscal consolidation efforts. The island recorded a minuscule current deficit of Naf1.6m (less than US$1m) in 2015; including loans and grants, there was a surplus of 2.9% of GDP. A financial supervision arrangement with the Dutch government will maintain pressure for fiscal reform, but in the meantime expenditure is being held down (a spending freeze has been in place since 2012). Tepid economic growth has seen only a minor increase in the tax take. Although the financial arrangement with the Netherlands is useful in lowering the deficit, the CBCS has criticised it for being too inflexible. Pressure to keep the island's numerous social funds well capitalised and to continue upgrading infrastructure will remain a constant challenge. The public debt/GDP ratio, which reached 44.2% of GDP at end-2015 (up from 38.6% of GDP at end-2014), has risen owing to the issuance of two bonds in 2015 (of Naf278.8m) for construction of a new hospital and for road infrastructure. However, relatively small fiscal deficits in future should prevent a significant rise in the debt stock.