Under the tutelage of the Kingdom Council of the Netherlands, the government is continuing its fiscal consolidation efforts, and The Economist Intelligence Unit estimates that it recorded a modest surplus in 2015. A financial supervision arrangement with the Dutch government will maintain pressure for fiscal reform and limit the risk that populist policies will be adopted in advance of the election this year. Expenditure is being held down (a spending freeze has been in place since 2012), but the weak economy will prevent a sharper increase in tax intake. Pressure to keep the island's numerous social funds well capitalised will remain a constant challenge. The public debt/GDP ratio, at an estimated 42% of GDP at end-2015, is higher than the 40% recommended for a small economy, and has risen owing to the issuance of two bonds in 2015 for construction of a new hospital and for road infrastructure. Nevertheless, the persistence of small fiscal surpluses should prevent the debt stock from rising further.