[{"bbox": [97, 153, 1134, 206], "category": "Text", "text": "information and data required for monitoring the annual progress report of the implementation of the Energy Sector Strategy."}, {"bbox": [97, 218, 1134, 324], "category": "Text", "text": "All energy sector related information is included in SEC's annual operative reports are sent bi-annually to the Dutch Central Bureau for Statistics and published. Monitoring and evaluation of public policy implementation and socio-economic development of Saba is overseen by the Dutch Ministry of the Interior and Kingdom Relations and the Ministry of Economic Affairs and Climate Policy."}, {"bbox": [97, 339, 1134, 418], "category": "Text", "text": "In conclusion, the policy is sufficiently relevant and credible for the budget support objectives to be achieved. Therefore the policy can be supported by the Commission with the proposed sector reform budget support modality."}, {"bbox": [85, 444, 375, 470], "category": "Section-header", "text": "### 2.3.2 Macroeconomic Policy"}, {"bbox": [97, 486, 1134, 671], "category": "Text", "text": "Aware of its small and poorly diversified economy, Saba established a development strategy to become more sustainable and self-sufficient. Economic development is one of the four priorities of the 'Multiannual agreement 2022-2025' between Saba and the central Dutch government. Also known as 'Saba Package 2.0', the strategy aims at enhancing the business climate and investments based on a model of a high-quality of life and ecotourism. The implementation of the agreement will contribute to reduce business costs, improve infrastructures, and explore new markets while protecting the environment. In addition, the construction of the new harbour will accelerate the overall economic development of Saba."}, {"bbox": [97, 683, 1134, 816], "category": "Text", "text": "Saba's economy is highly dependent on tourism and the services sectors, largely revolving around the Saba University School of Medicine. The latest value of Saba's gross domestic product published by the Dutch Central Bureau for Statistics was for 2018 at USD 48 million (approx. EUR 42.15 million). The gross domestic product per capita rose slightly from USD 22 900 in 2017, (approx. EUR 19 362), to USD 23 500 in 2018, (approx. EUR 20 637).⁹"}, {"bbox": [97, 828, 1134, 1012], "category": "Text", "text": "In 2020, the size of the working-age population (15 to 74 years) in Saba was slightly over 1,500 people. Women's wages were 14% lower than men's wages. In jobs earning less than USD 20 000 (approx. EUR 16 776), women occupied a share of 39%. In 2019, the median disposable household income in Saba stood at USD 26 800 (approx. EUR 24 353). The labour participation rate in 2020 was 73.4% and the unemployment rate was just over 3%. The median annual wage of employee jobs in Saba was USD 30 400 in 2019 (approx. EUR 27 624), 5% more than in 2018. Since 2012, Saba has had the lowest income inequality in the Caribbean Netherlands with a Gini coefficient of 0.38 in 2019.¹⁰"}, {"bbox": [97, 1026, 1134, 1160], "category": "Text", "text": "As of March 2020, a package of emergency measures has been in place in the Caribbean Netherlands to tackle the economic consequences of the COVID-19 crisis. In Saba, 55% of businesses availed of a financial contribution towards their wage costs and fixed charges, with a total of USD 1.7 million (approx. EUR 1.55 million) being paid out for wage costs and USD 0.7 million (approx. EUR 0.64 million) for fixed charges. Of all contributions, 27% went to the hospitality sector.¹¹"}, {"bbox": [97, 1172, 1134, 1384], "category": "Text", "text": "Saba receives around 90% of its annual budget directly from the central Dutch government. Like Dutch municipalities, public entities can only levy a limited number of taxes stipulated in the law, of which land tax and tourist tax generate the principal returns (10% to 15% of total revenue). The rest of its budget comes through an annual structural allowance, also called free allowance from the Dutch Ministry of the Interior and Kingdom Affairs and special-purpose grants from different line ministries. The free allowance amounted USD 10.2 million in 2021 (approx. EUR 8.3 million). However, since 2021, it has become increasingly difficult to cover government's structural and operational costs. An increased of the amount will be negotiated with the central Dutch government in the future."}, {"bbox": [97, 1398, 1134, 1449], "category": "Text", "text": "In conclusion, the authorities are pursuing a stability-oriented macroeconomic policy and the eligibility criterion is met."}, {"bbox": [85, 1579, 925, 1602], "category": "Footnote", "text": "⁹ *Trends in the Caribbean Netherlands 2021 – Statistics Netherlands/Centraal Bureau voor de Statistiek (CBS)*"}, {"bbox": [85, 1601, 151, 1622], "category": "Footnote", "text": "¹⁰ *Ibid.*"}, {"bbox": [85, 1622, 151, 1643], "category": "Footnote", "text": "¹¹ *Ibid.*"}, {"bbox": [1038, 1681, 1143, 1705], "category": "Page-footer", "text": "Page 7 of 22"}]