Apna on recovery course

WILLEMSTAD — Thanks to a clever five-year plan the General Pension Fund of the Netherlands Antilles (Apna) is on a reasonable recovery course after having lost 540 million guilders in the last months of 2008 because of a worldwide credit depression.

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In the first quarter of this year that had ended on March 31st, the Apna had increased its invested capital with 95 million guilders to 3.8 billion guilders. The pension capital had therefore increased with 126 million guilders to more than 4.1 billion guilders. This resulted in a covering measure of 100 percent of the Apna per March 31st – that’s no sinecure in view of the fact that this criterion for the extent in which the fund could fulfill its current and future obligations had reached a historic low point of 91 percent one year ago.
As global comparison: while the Apna had experienced an increase of its covering measure, the General Civil Pension Fund (ABP) in the Netherlands was confronted with a decrease of its covering measure at the end of April this year to 102 percent compared to 104 percent at the end of 2009.
Due to changes in the basis’, such as a longer life expectation of the participants, the fund was confronted with an increase of the costs with 11 billion euros. During the first four months of this year, the capital of the pension fund had increased from 208 billion euros to 220 billion euros, but partly due to a decrease of the interest, the obligations had also increased from as much as 201 billion euros at the end of last year to 217 billion euros. Within a few weeks, the fund’s board will take a decision on possible premium changes. Last year, the premium had been increased in the framework of the agreed upon recovery plan for the covering measure with the Dutch Bank.

The expectation is that also this year all means made available to Amfo (Antillean Co-financing Organization) will be used for projects for the purpose of permanent structural social changes and poverty combating in the Netherlands Antilles. This was brought forward during a conversation in Fort Amsterdam between Minister-President Emily de Jongh-Elhage and the Chairman of the Supervisory Council of Amfo, Sybilla Dekker and general director Reinoudt Karsdorp. The Amfo finances projects of non-government organizations (NGO’s) in the Netherlands Antilles. In this framework, the Premier receives a regular update on new projects.The new situation on the BES-Islands per January 1st, 2011, when Amfo will no longer be active there, was also discussed. There is currently considerable consultation with the Regional Service Centre to realize a more smooth transition with the BES-Islands.The future of Amfo after 2012 had been discussed as well, as the Netherlands announced they would no longer finance the Amfo. According to a press report from the Premier, this could namely have substantial consequences for the many NGO’s on Curaçao and St. Maarten if one does not anticipate this well. In that connection, Amfo also strives for a good and constructive cooperation with the new countries and organizations, such as Usona and Reda Social.