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International Monetary Fund. Western Hemisphere Dept.

IMF Country Report No. 24/97

International Monetary Fund. Western Hemisphere Dept.
The authorities’ commitment to fiscal discipline and macroeconomic stability is paying off. The economy is growing, inflation is on a steady downward trend, investor confidence is improving, donor support is increasing, and S&P has upgraded Suriname’s credit rating. A debt restructuring agreement with EXIM China has been signed by both parties.
International Monetary Fund. Western Hemisphere Dept.

The Surinamese authorities extend their appreciation to the mission team for the productive and open dialogues held during the fifth review of the Extended Fund Facility (EFF) arrangement. The authorities broadly concur with the staff's assessment of the economic performance and prospects, along with the advancements achieved in executing the EFF-supported program, despite facing persistent considerable challenges and capacity constraints. The outcomes of the reform program have exceeded expectations in certain aspects. Inflation has decreased more rapidly than initially projected by staff, and growth is anticipated to remain stable at its long-term average level. The Surinamese authorities underscore their commitment to restructure the economy with the support of the EFF, aiming to strengthen fiscal discipline, debt sustainability, and overall macroeconomic and financial stability. Despite the capacity constraints, our Surinamese authorities remain committed to enhance the social safety nets for the most vulnerable segments of society.

International Monetary Fund. Western Hemisphere Dept.

1. The authorities are committed to fiscal discipline. Despite a very challenging socio-political environment, the authorities have been able to implement difficult reforms, including eliminating fuel subsidies, phasing out electricity, water, and gas subsidies, expanding the VAT base, and containing the public wage bill.