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Structural reforms needed to sustain growth CBCS: Countries’ public debt sustainable

SINT MAARTEN/CURACAO - Following a peak in the public debt-to-GDP ratio in 2020 caused primarily by the COVID-19 pandemic, a decline over the medium term is projected, reaching 64.7% for Curaçao and 35.1% for Sint Maarten in 2027, according to the March 2024 Economic Bulletin by the Centrale Bank van Curaçao en Sint Maarten (CBCS).

“The question arises whether the projected development in the public debt-to-GDP ratio is sustainable. A country’s public debt is considered sustainable if the government can meet all its current and future payment obligations without being forced to undertake major budgetary adjustments or restructure debt owed to creditors and investors,” CBCS president Richard Doornbosch pointed out.

DSA 2023-027

The latest Economic Bulletin includes a public debt sustainability analysis (DSA) for both Curaçao and Sint Maarten that covers the period 2023 – 2027. Such an analysis aims to assess public debt vulnerabilities.

Specifically, risks to public debt sustainability are evaluated under the future evolution of fiscal and macroeconomic variables such as the primary fiscal balance, real GDP growth, interest rates, and inflation.

“Overall, the debt analysis reveals that in the baseline scenario, the public debt of both Curaçao and Sint Maarten is sustainable over the medium term as the debt-to-GDP ratio is projected to decline. However, some important observations should be made in this regard,” the CBCS president cautioned.

Four important observations

“First, the projected debt path is predicated on the assumption that both countries will be able to refinance the COVID-19 liquidity loans that mature later this year against a 3.6% interest rate.

“In addition, the countries should be able to continue to finance capital investments against favorable conditions as stipulated under the standing subscription rule,” Doornbosch explained.

“Second, it is assumed in the baseline that real GDP will grow on average by 3.4% in Curaçao and 2.4% in Sint Maarten over the forecast horizon. Looking back, however, it becomes clear that the economic performance of the two countries over the past decade was substantially below the currently projected average annual growth rate,” he continued.

“In Sint Maarten, this was even the case excluding the shock caused by Hurricane Irma in 2017 – 2018. As the economies of Curaçao and Sint Maarten rebounded stronger from the pandemic than initially expected, it is key to build momentum and ensure economic growth over the medium term,” Doornbosch advised.

Investment projects welcome development

“The debt sustainability analyses underscore that public debt sustainability of both countries is particularly vulnerable to real GDP shocks. The ongoing investment projects across the monetary union are a welcome development in this regard as they add to the productive capacity of Curaçao and Sint Maarten.

“The governments of the two countries need to take further steps to support growth. The policy agenda should include measures to address vulnerabilities in the labor market and reduce red tape and the cost of doing business,” he added.

“Third, an important precondition for public debt sustainability of both Curaçao and Sint Maarten is the implementation of reforms of the health care and social security systems.

“Without the necessary reforms, these systems will continue putting pressure on the public finances and adding risks to public debt sustainability, particularly due to the ageing of the population,” the CBCS president cautioned.

“Reforming these systems is a complex process that will entail difficult measures. Therefore, involvement of key stakeholders in the design and implementation of these reforms is key,” he further advised.

Collaboration for complete debt sustainability analysis

“Finally, the results of the analyses should be interpreted with caution as they only cover the debt of the government. For a thorough analysis of the risks associated with public debt, the debt of all public entities and state-owned companies should be included,” Doornbosch pointed out.

“With the collaboration of the governments and all their entities, the CBCS would be able to deliver such a complete debt sustainability analysis,” the CBCS president concluded.

The complete text of the March 2024 Economic Bulletin is available on the CBCS website at https://www.centralbank.cw/publications/economic-bulletins/2024

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With construction and tourism as main drivers CBCS: Growth continues across monetary union

SINT MAARTEN/CURACAO - “Growth is set to continue across the monetary union in 2024, although the pace of growth of the countries moves at different speeds. While real GDP growth in Curaçao is projected to accelerate to 4.8%, the pace of expansion in Sint Maarten is set to ease to 3.0%.

In line with the projected price developments in its main trading partners, inflation in Curaçao will decline further to 2.5%. In Sint Maarten, by contrast, inflation is expected to rise to 2.5% reflecting a delayed pass-through of international commodity price increases, according to the March 2024 Economic Bulletin by the Centrale Bank van Curaçao en Sint Maarten (CBCS).

Higher increase in private investments

The 2024 growth forecast for Curaçao is 0.4 percentage point higher than in the outlook of December 2023 on account of a stronger than earlier projected increase in private investments in particularly the tourism, utilities, real estate, and ship repair sectors.

Growth in 2024 will be sustained primarily by domestic demand as both public and private spending will rise. The projected gain in public spending will be driven by both government consumption and investment.

Net foreign demand is also set to increase as the projected growth in exports, driven mainly by increased activities in the tourism and transportation sectors, will surpass a higher import bill.

For Sint Maarten, the 2024 growth forecast has remained unchanged from the previous outlook. Like Curaçao, growth in Sint Maarten will be driven primarily by domestic demand. Private demand is set to increase, albeit at a slower pace than in 2023 due to the winding down of major construction projects, such as the airport.

In addition, public demand will rise on the back of higher government investments while consumption will drop. Net foreign demand will make a modest contribution to growth due to an increase in exports, moderated by a rise in imports.

More balanced risks

The outlook is subject to significant international and domestic risks. The international risks have, however, become more balanced since the Economic Bulletin of December 2023.

Downside international risks include a delayed shift to monetary policy easing by major central banks, including the Fed, which is currently assumed to start in the second half of 2024.

Such a delay would maintain the current high borrowing costs, affecting global growth and, hence, growth in the monetary union.

Other factors may also adversely affect growth in Curaçao and Sint Maarten, including a recession in the United States, the two countries’ main trading partner, and protracted geopolitical tensions like the war in Ukraine and a broadening of the conflicts in the Middle East to the Red Sea.

On the upside, an earlier easing of monetary policy due to a faster decline in inflation and a slower than expected withdrawal of fiscal support in major economies would support global growth with positive spill-over effects for the economies of Curaçao and Sint Maarten.

Ennia and COVID-19

The domestic risks are tilted to the downside. The main adverse risk is related to the resolution of ENNIA. Delays in concluding a viable resolution strategy could have a considerable negative macroeconomic and social impact.

However, since a headline agreement was signed recently between the key stakeholders, such as the government of Curaçao, the government of Sint Maarten, and the CBCS, this risk has moderated.

Another major downside risk to the outlook, particularly for the public finances, is related to the refinancing of the COVID-19 liquidity loans that the countries received amid the pandemic.

In October 2023, these loans were refinanced for one year against 3.4% interest for Sint Maarten and 5.1% for Curaçao, pending a viable resolution strategy for ENNIA. Refinancing these loans at more favorable conditions would be important for the fiscal sustainability of the countries.

The complete text of the March 2024 Economic Bulletin is available on the CBCS website at https://www.centralbank.cw/publications/economic-bulletins/2024

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Travel Genuine and Surreal Journeys Travel Win SMART Travel In Style Journeys 2024 US Travel Agent Contest

SINT MAARTEN (GREAT BAY) - Travel agent Nouradin Assaf of Travel Genuine and Iris Martin of Surreal Journeys Travel have won a free return ticket to St. Maarten / St. Martin for the 2024 SMART Travel Agent Contest, allowing for two tickets for high end airliner tickets by Travel In Style Journeys / La Compagnie to the St. Martin / St. Maarten Annual Regional Tradeshow (SMART) on April 8 – 11. This was jointly announced by the high-end airliner and the SMART organizers. 
US Travel Agents were requested to send in captivating sentences motivating why St. Maarten / St. Martin is a destination of choice for the agent. Amongst the reasons mentioned by participants were those focusing on the island’s great people (“the most multicultural destination in the world” ; “Locals are the Friendliest in the entire Caribbean”,) many about the cornucopia of food and beverages on the island (“extraordinary food choices”; “Has Something For Everyone, from Food and Drink to Culture and Adventure”), “A Traveler’s Paradise with Great Cuisine Combining the Beauty of France and the Kingdom of the Netherlands in blooming sun of the Caribbean” whereas many focused on the destination as a whole: “Gorgeous beaches”, “Laid back and chill vibes”, “A Dream Destination”, “Off the Bucket List”, “To Get Married”, “Vibrant and Beautiful”, “With its Renovated Port, St. Maarten is Colorful and Alive “My clients always have an amazing time!”.
The SMART organization and Travel in Style Journeys are grateful for the US Travel Agents taking part in the contest for their participation, and will reach out to them to offer a warm welcome outside of SMART. 
Director Wahid Essafi of the luxury business class only airliner congratulations the winners. “We are happy to add to the amazing experience St. Maarten / St. Martin and its surrounding islands provide, by providing a five-star entry with our La Compagnie airliner. We look forward to both bringing them to, and providing them with a unique impression of the island at SMART”. 
This February 18th, luxury airliner La Compagnie started operating from Newark to St. Maarten under the “Travel in Style Journeys” program run by E. Clarke Travel. Its maiden flight hosted an entourage of selected journalists and agents highlighting the destination and the opportunity to connect to the region at SMART.
SMARTs 16th edition will be held this April 8th to 11th at St. Maarten’s Sonesta Maho Beach Resort. The tradeshow is traditionally organized by the Sint Maarten Tourism Bureau, St. Maarten Hospitality & Trade Association (SHTA), the Office de Tourisme de St. Martin and the Club du Tourisme. The event is the largest travel platform in the Northeastern Caribbean for foreign tour operators, OTA’s and travel agents to do business with local hoteliers, DMC’s and excursions.
Interested parties can take up contact with the SMART team at 1-721-542-0108 or This email address is being protected from spambots. You need JavaScript enabled to view it. or find booking and lodging information at SHTA.com/SMART
 
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Exciting Opportunities unveiled at a special Study Fair. Higher Education at DR Universities

SINT MAARTEN (BELAIR) - Thursday March 21st aspiring students from St. Maarten Vocational Training School, Learning Unlimited, Milton Peters College and Sundial School made use of the remarkable opportunity to explore higher education options in the Dominican Republic (DR) at a special Study Fair at Belair Community Center. 
 
The study fair is organized by SVOBE Schools, but open to all students and parents from Dutch and French St. Maarten and the broader region.
Two years ago SVOBE Schools started a partnership with six excellent Dominican universities: UCE, PUCCM, UNPHU, ITLA, ASCA and ISA with the aim to expand the possibilities of all St. Maarten students to study close to home. 
The Dominican institutes offer a plethora of Associate, Bachelor and Master studies, both vocational and academic, in the fields of medicine, culinary arts, technical sciences, business, aviation and agriculture. 
All institutes have expressed a strong commitment to guide all students, either with or without Spanish as their mother tongue, to reach their highest academic potential.
With state-of-the art facilities, dorms, competitive pricing (some universities have agreed to charge the local rates), low cost of living, close proximity to our island and high quality programs, studying can become much more attainable to a large group of students. 
 
All candidates will receive a special preparatory program on St. Maarten, organized by SVOBE.
The Study Fair is free of charge and is open on Thursday March 21 and Friday March 22 from 9.00 till 13.00 for exam and pre-exam students with their teachers and from 15.00 till 18.00 for all interested students and parents.
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EPIC’s SXM DOET projects are overwhelming success due to Community Support

SINT MAARTEN (MAHO) – Environmental Protection in the Caribbean Foundation (EPIC) Sint Maarten, a leading advocate for environmental conservation and community engagement, showcased its commitment to making a positive impact during last weekend's national volunteering event by SXM DOET. Over the course of two days, EPIC spearheaded two highly successful initiatives that garnered significant community participation and support.

The first event, on Friday, a beach cleanup ‘hero’ hike saw an impressive turnout with 20 dedicated volunteers joining forces with EPIC. Together, they embarked on a mission to clean up Geneve Bay, a beautiful coastal area, just south of Guana Bay.

The collective efforts of the volunteers resulted in the collection of a staggering 179.8 kilograms (396 pounds) of trash, meticulously gathered and carried back along a 1-kilometer stretch of coastline.

The cleanup efforts ranged from removing plastic bottles, to ropes, nets, slippers, and even the smallest pieces of plastic debris. Notable discoveries included a propane fuel tank, a buoy, and a mast. Despite the magnitude of the task, the dedicated team made a significant impact, leaving Geneve Bay noticeably cleaner and safeguarding it from further pollution.

We greatly thank all the private persons putting in their time and effort, but also the Police (KPSM), Keller Williams and even frequent visitors to the island such as one from the Environmental Protection Agency (EPA) in the US.

The second event, on Saturday, marked the inauguration of EPIC's latest initiative: "Perpetual Plastics," a plastic recycling social workspace. With an impressive turnout of over 35 individuals, including volunteers from Grant Thornton, Kooyman, SOAB, the Ministry of VSA, the Dutch Representation Office (VNP), and several private individuals, the collaborative effort was nothing short of extraordinary.

Participants engaged in various activities, including building upcycled furniture, upgrading donated items, beautifying a planter, and creating a vibrant mural. These endeavors signify the beginning of an innovative approach to plastic recycling, where plastics types 2 and 5 are transformed into new reusable, useful items, to later also integrate persons with a distance to the regular labor market.

EPIC expresses deep gratitude to SXM DOET, and congratulates them on a successful 10th anniversary edition of its national volunteering event. Furthermore, we thank the Oranje Fonds and all other partners and volunteers whose dedication and enthusiasm have set the stage for meaningful change during these volunteering days. A great heartfelt thank you goes out to Recycle Art SXM, Kooyman, Sherwin Williams, Avantika, Amore, Super U, CC1, Heavenly Water, Divico, Tri-Sport, Island Water World, P&J Heavy Equipment, Garden Boyz, and Freegan Food Foundation, for contributing to this EPIC’s event successes!

EPIC remains steadfast in its commitment to fostering environmental stewardship and community resilience. For more information about EPIC’s initiatives and upcoming events, please visit https://epicislands.org/

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No sponsorship forces senior contestants to drop out, SCDF forced to cancel show

SINT MAARTEN (GREAT BAY) - There will be no Senior Carnival Queen Pageant held for Carnival 2024, after two of the contestants dropped out on Monday citing issues with obtaining financial sponsors. The St. Maarten Carnival Development Foundation (SCDF) announced that despite the hard work put in by the contestants and the foundation, raising funds for pageantry is still a heavy task on the island, made worse by uncertainties around Carnival 2024.

“We have had businesses tell us directly that as much as they want to support the girls, they either don’t see the value in it, don’t have the means to do so, or this year don’t see how they will get their “bang for their buck” with so many distractions surrounding the festival,” the SCDF explained.

“The show started out with five contestants, then it became three which is the bare minimum, and now two decided that financially it wasn’t possible just a few weeks before their first event. We appreciate the work the contestants put in and we are saddened that the financial support was not there for them to complete their journey,” the SCDF said.

The SCDF will move forward with its Junior Carnival Queen Pageant and the Caribbean Carnival Queen Pageant. The cancelling of the Senior Pageant leaves the SCDF with three dates to fill on the 2024 Carnival schedule. Two international shows have already cancelled due to financial risk created by the granting of permits to entities to host events during the Carnival period.

“That decision is not sitting well with sponsors and Carnival and its stakeholders are suffering as a result of the confusion and uncertainties it has created. We cannot stress this enough,” the SCDF said.

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Ombudsman attends IOI Regional Board meeting in Mexico City

SINT MAARTEN (GREAT BAY) - The Ombudsman of Sint Maarten, Ms. Gwendolien Mossel, recently attended the Caribbean and Latin American Regional Board of Directors meeting of the International Ombudsman Institute’s (IOI), which was held from March 11-14, 2024, in Mexico City.

Ms. Mossel is a Regional Director. The meeting was hosted by Ms. Nashieli Ramirez Hernandez of the Human Rights Commission of Mexico City, who is currently the Regional President. 

The other two Regional Directors, Mr. Gabriel Savino (Ombudsman of the province of Santa Fe, Argentina), and Keursly Concincion (Ombudsman of Curaçao) were also in attendance. 

The IOI, established in 1978, is the global organization for the cooperation of 205 independent Ombudsman institutions from more than 100 countries worldwide. The IOI is organized in six regional chapters - Africa, Asia, Australasian and Pacific, Europe, the Caribbean and Latin America and North America. 

During the meeting follow-up discussions were held regarding the regional work agenda such as climate change, violence against women and poverty. Special emphasis was made on the current humanitarian crisis in Haiti.

In this regard, the Ombudsman of Haiti, Dr. Renan Hédouville, who was initially scheduled to attend the meeting in-person but could not due to the escalation of the aforementioned crisis in his country, joined the meeting electronically and expounded on the challenges which are being described as post-apocalyptic by the international media.

Another primary topic on the agenda was the migratory wave that has reached Mexico City, whereby hundreds of foreigners, including children, primarily from Central America and Haiti, have settled in shelters and camps on the streets while waiting for a chance to cross into the United States seeking the prospect of a better future.

To fully comprehend the situation one of the shelters and a street camp were visited. Meetings with civil society organizations that provide support to the migrant population as well as with some members of the Mexico City Congress and the Secretary of the Government of Mexico City were also held.

At the conclusion of the meeting the Ombuds institutions of the Caribbean & Latin American Region issued a statement regarding the mobility crisis in the region and the crisis in Haiti.

They also expressed solidarity with the Haitian people and their respect and support of the work carried out by the Office for the Protection of the Citizen of the Republic of Haiti, which is essential to achieve the respect and guarantee of human rights of the entire population in the country.

In this regard the Ombudsman reiterates her previously expressed concern vis à vis the ongoing humanitarian crisis and the interrelated detention and forced repatriation of Haitian nationals.

Filing a Complaint: http://www.youtube.com/watch?v=ycyujZClqOE&authuser=0

 

 

 

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96 MPC Students Visit the Coast Guard Sub Station to Gain First-hand Insight into Operations

SINT MAARTEN (SIMPSON BAY) - On Tuesday March 19th, The Coast Guard in Sint Maarten warmly welcomed a total of 96 third-year students from Milton Peters College (MPC) for an extensive tour of the Sub-Station at Simpson Bay.

The goal of this visit was to enhance their awareness about the Coast Guard’s responsibilities in our community but also how they operate out at sea.

The visit also aimed to showcase the range of career opportunities available to these aspiring young professionals. Over the course of their three-hour visit, students gained insight into the diverse tasks carried out by the men and women patrolling the Caribbean Sea.

Mr. Randy Paskel, the head of the Sub-Station, expressed, "It was time to open our doors once again and welcome these young minds into our world for a day. Different stations were set up, providing students with the opportunity to ask all types of questions about our work."

Paskel added how pleasantly surprised he was, when bombarded with relevant questions that came his way; “some of the kids really impressed me by asking questions you would not expect from teenagers.

They asked about the type of missions that we conducted, how we worked with other partners and were even interested in learning more about our maritime intelligence policing approach”.

The event commenced with a gathering, where students were divided into four groups. Each group received a presentation detailing the Coast Guard's operations across all six islands of the Dutch Caribbean. Subsequently, they were introduced to the 'Basis Opleiding Kustwacht' (BOK), a one-year program that equips students with the necessary skills to become police officers out at sea.

At the 'Poema' station, students toured the Cutter ship, which is outfitted for extended patrols lasting anywhere between five (5) to seven (7) days at sea. They explored the crew's quarters and learned firsthand about the various missions undertaken during the “Poema’s” patrols.

The "Metal Shark" station provided insights into the boat's functions and the challenges of pursuing unauthorized vessels during night and day patrols.

Students also learned about the Coast Guard’s responsibility to enforce regulations on illegal fishing and sailing behavior out at sea.

The final station featured a physical challenge, where all 96 students experienced a taste of the physical demands required before to join the maritime organization.

Besides the Coast Guard’s responsibilities towards border protection against unwanted visitors, the supervision of illegal fishing and other maritime tasks, they are also fully committed towards serving as a pillar of support for the communities of Saba, Statia and Sint Maarten. It is with that thought in mind that they will continue to open their doors towards curious young minds wanting to broaden their horizons and possibly joining a diverse organization.

For more information regarding future opportunities, please visit www.kustwacht.org or send an email to This email address is being protected from spambots. You need JavaScript enabled to view it.

DCCG MPC pres to stud

DCCG MPC strength train

 

 

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Inspectorate TEATT renamed to Inspectorate of Economic and Transport Affairs

SINT MAARTEN (GREAT BAY) - As a means to reinvigorate public confidence and professionalism, the Inspectorate of TEATT announces a significant transformation. Effective immediately, the department will be referred to in English as the Inspectorate of Economic and Transport Affairs (IETA) while the Dutch name will remain as Inspectiediesnt TEZVT. This change marks the first step in public transparency as it highlights to the community domains overseen by the department.

Alongside the name change, a new logo has been introduced to distinguish the department's controllers and inspectors from other (government) enforcement agencies. The logo encompasses colors from the primary palettes of red, blue, and yellow. Key symbols include the Akoben, a symbol of West African origin to represent the department’s devotion to public service, vigilance in addressing violations, and loyalty towards sustaining fair business practices within the economic pillar of Sint Maarten. Another key feature is the bird symbolizing community values such as teamwork, vision, adaptability, strength, and freedom. Finally, the laurel wreath completes the emblem, symbolizing victory, success, honor, and achievement.

The Inspectorate of Economic and Transport Affairs is committed to elevating transparency, accountability, and collaboration at the core of its operations. As such, the government webpage, email addresses, and departmental email address will be updated accordingly. The Inspectorate kindly requests the public's understanding and support during this transition period and looks forward to continuing to serve under its new name.

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Ministry TEATT Reinstates Confirmation Letter Process as of March 21

SINT MAARTEN (GREAT BAY) - The inspection department for the Ministry of TEATT wishes to inform holders of passenger transport permits that the confirmation letter process will be reinstated as of Thursday, March 21, 2024. Permit holders who have not yet acquired the road tax sticker must visit the office of Section Transport located at Juancho Yrausquin Boulevard #6, Philipsburg opposite of Fairway Mark it on Tuesdays and Thursdays between 9:00 AM and 11:00 AM and 2:00 PM to 4:00 PM to acquire the confirmation letter before picking up the road tax sticker.

Assistant drivers who manage the operational affairs on behalf of the permit holder must present a signed statement dated no earlier than seven (7) days and a copy of the permit holder’s identification to receive the confirmation letter. Additionally, the vehicle insurance, inspection card, original passenger transport permit must be presented to the office.

Since the start of 2024, an amount of 4,650 NAFls in fines has been issued to operators within the passenger transport industry.

Notable violations include operating without a permit issued by the Minister of TEATT; expired insurance and/or motor vehicle inspection card; not having the price list visibly displayed in the vehicle for passenger reference; not being appropriately dressed while carrying out service (e.g., wearing stained or torn clothing); putting into service a poorly maintained and dirty vehicle (e.g., visible dirt or dust, torn seat upholstery, foul odor, dusty air vents etc.); the vehicle not being equipped with safety glass in all window panes.

As a general condition stipulated in passenger transport permits, permit holders and assistant drivers must familiarize themselves with the legal requirements of the National Ordinance on Passenger Transport in general and specifically the articles associated with the respective category of passenger transport.

Henceforth, the Control Unit of Section Transport will be increasing field controls with zero-tolerance. In other words, if the affairs of your operation are not in line with the legal requirements it will result in the operator receiving a fine at the scene of the control. If there is strong suspicion of a criminal act (e.g., fraud) having been committed, the police will be called to the scene.

Lastly, passenger transport operators play a crucial role in shaping the tourism experience in Sint Maarten. A seamless and enjoyable journey whether by passenger bus, taxi, tour, or occasional transport enhances the overall tourism product, fostering positive reviews, repeat visits, and ultimately, sustained economic growth.

Therefore, it is imperative for passenger transport operators to uphold high standards of Professionalism, reliability, and commitment to customer satisfaction, and hospitality, contributing not only to individual businesses' success but also to the broader prosperity of Sint Maarten's tourism industry.

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