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Western Hemisphere > Suriname

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Cover IMF Staff Country Reports
Suriname: Fourth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Extension of the Arrangement, Augmentation of Access, Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Suriname
International Monetary Fund. Western Hemisphere Dept.
Despite a very challenging socio-political environment, the authorities continue to prioritize fiscal discipline and macroeconomic stability in their policy actions. An agreement-in-principle at the technical level has been reached on the debt treatment with China that is in line with other creditors and consistent with debt sustainability objectives. The formal debt exchange with private external bondholders has been finalized in November with high participation rate.
Keywords:
credit system Supervision Act; revised banking; government fuel tax; State decree; profit and loss projection; International reserves; Exchange rates; Monetary base; Caribbean
Cover High-Level Summary Technical Assistance Reports
Suriname: Financial Stability Report
Petr Jakubik
The technical assistance aimed to enhance the financial stability report (FSR) of the Central Bank of Suriname. The mission concluded that the preparation of detailed FSR production plan and communication strategy are critical and could facilitate improvements, promote the report, and bring some synergies between different teams involved. The report should reflect on all important elements of financial stability assessment and needs to be streamlined to follow the central story with the key messages. The quality of the report could be further improved by advancements in the employed analytical toolkit and utilization of all available data sources.
Keywords:
financial stability; financial stability report; systemic risk; analytical toolkit
Cover IMF Staff Country Reports
Suriname: Technical Assistance Report—Financial Stability Report
International Monetary Fund. Monetary and Capital Markets Department
The mission focused on enhancing the financial stability report (FSR) of the Central Bank of Suriname (CBS) whose publication has recently resumed. It reviewed the latest available FSR together with all background documents on financial stability work shared by the CBS. Based on those materials, a one-week mission at the CBS, consisting of a targeted workshop and meetings, was undertaken.
Keywords:
FSR production plan; semiannual FSR; FSR process; CBS management; FSR of the CBS; Financial sector stability; Financial stability assessment; Stress testing; Financial sector risk; Credit risk; Caribbean
Cover IMF Staff Country Reports
Suriname: Third Review Under the Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Suriname
International Monetary Fund. Western Hemisphere Dept.
The authorities continue to prioritize fiscal discipline and macroeconomic stability in their policy actions. Restructuring agreements have been reached for both official and privately-held public debt, aside from the official debt to China, where negotiations continue. The financial advisors are currently preparing to launch the formal debt exchange with private external bondholders.
Keywords:
end-December QPC; staff appraisal; near-term policy priority; governance reform; Surinamese authorities; Arrears; Inflation; Debt restructuring; Caribbean; Global
Cover IMF Staff Country Reports
Suriname: Second Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Rephasing and Reduction of Access, Waivers of nonobservance of Performance Criteria and Financing Assurances Review-Press Release; Staff Report; Staff Supplement; Staff Statement; and Statement by the Executive Director for Suriname
International Monetary Fund. Western Hemisphere Dept.
This paper presents Suriname’s Review under the Extended Arrangement under the Extended Fund Facility, Requests for Rephasing and Reduction of Access, Waivers of Nonobservance of Performance Criteria (PC), and Financing Assurances Review. The authorities have made concerted efforts to bring their economic recovery program back on track and stabilize the economy, foremost by restoring fiscal discipline, while expanding social assistance programs to protect the poor. They have also reached important milestones in debt restructuring negotiations, which, alongside fiscal consolidation, will support Suriname’s efforts to restore debt sustainability. The end-December 2022 quantitative performance criteria on the cumulative central government primary balance and net domestic assets were missed. Two continuous PCs and one standard continuous PC were also breached. Progress on implementing the structural agenda has moved ahead but with delays. The authorities are continuing to make progress with their structural reform agenda. Structural reforms to strengthen institutions, governance, and data quality remain key priorities with continued capacity building support by IMF and Suriname’s other development partners.
Keywords:
roadmap triage; staff appraisal; governance reform of bank; government FX sale; sales transaction; Exchange rates; Multiple currency practices; Arrears; Caribbean; Global
Cover IMF Staff Country Reports
Suriname: Technical Assistance Report on Government Finance Statistics Mission-(October 10–21, 2022)
International Monetary Fund. Statistics Dept.
This technical assistance report on Suriname highlights proceedings of the Government Finance Statistics (GFS) mission. The authorities have partially followed the recommendations from previous mission that took place in April 2022. While there has been significant progress in below-the-line data, little progress has been made in above-the-line data. Compilers from the Statistics Department of the Central Bank of Suriname have compiled a financial balance sheet of the Central Government (CG) to assure the integration of flows with the stocks of financial assets and liabilities. In addition, they perform regular consistency checks of data on the CG deposits and loans with the recordings in the banking system. No developments have been achieved regarding the institutional sector coverage and little progress has been done regarding the above-the-line data compilation. One of the main issues that hamper GFS data quality is that no comprehensive data on the government revenues and expenditure exist in Suriname. The mission provided an extended hands-on training for the main GFS team compiling above-the-line transactions.
Keywords:
government finance Statistics mission; IMF's Statistics department; Suriname debt management office; staff team of the International Monetary Fund; GFS compiler; Government finance statistics; Fiscal accounting and reporting; Commercial banks; Stocks
Cover IMF Staff Country Reports
Suriname: Technical Assistance Report-Medium-Term Macro-Fiscal Forecasting
International Monetary Fund. Western Hemisphere Dept.
This technical assistance report on Suriname highlights medium-term macro-fiscal forecasting (MTFF). The Economic Affairs Department (EAD) recognizes the desirability of creating a new medium-term macro-fiscal forecasting framework. Existing technical capacity relating to forecasting among most EAD staff is at a basic level. Training, through hands-on exercises using Surinamese data, will play an important role in supporting the development and ultimate adoption of the MTFF. There are several risks to the project’s success, including regarding data quality and availability, as well as competing demands on EAD staff time. Limited data and weak relationships between predictors (economic activity) and fiscal variables would limit the forecast accuracy of the MTFF, though it would still allow for more rigorous and transparent projections than is current practice. Regarding staff time, it is understood that EAD staff have a strong interest in the development and usage of an MTFF, hopefully ensuring sufficient time by a core group of persons is devoted to receiving technical assistance support to develop the tool.
Keywords:
EAD staff; staff time; Suriname debt management office; EAD forecast; MFP staff; Macroeconomic and fiscal forecasts; Revenue forecasting; Caribbean
Cover IMF Staff Country Reports
Suriname: Technical Assistance Report on Government Finance Statistics Mission (April 19-May 6, 2022)
International Monetary Fund. Statistics Dept.
This technical assistance (TA) mission on Government Finance Statistics was conducted during April 19– May 6, 2022. The main purpose of the mission was to review the progress made by the authorities in implementing previous TA recommendations and provide further support to improve fiscal data compilation and dissemination in line with international standards set out in the Government Finance Statistics Manual 2014.
Keywords:
IMF's Statistics Department; Suriname debt management office; staff team of the International Monetary Fund; debt data; World Bank staff; Government finance statistics; Stocks; External sector statistics; Data processing; Western Hemisphere
Cover IMF Working Papers
Waiting for Godot? The Case for Climate Change Adaptation and Mitigation in Small Island States
Mr. Serhan Cevik
Global warming is the most significant threat to ecosystems and people’s health and living standards, especially in small island states in the Caribbean and elsewhere. This paper contributes to the debate by analyzing different options to scale up climate change mitigation and adaptation. In particular, the empirical analysis indicates that increasing energy efficiency and reducing the use of fossil fuel in electricity generation could lead to a significant reduction in carbon emissions, while investing in physical and financial resilience would yield long-run benefits. From a risk-reward perspective, the advantages of reducing the risks associated with climate change and the health benefits from higher environmental quality clearly outweigh the potential cost of climate change mitigation and adaptation in the short run. The additional revenue generated by environmental taxes could be used to compensate the most vulnerable households, building a multilayered safety net, and strengthening structural resilience.
Keywords:
Climate change; decarbanization; energy efficiency; mitigation; adaptation; carbon tax; green financing; climate change mitigation; risk-reward perspective; Island state; adaptation strategy; climate change adaptation; Greenhouse gas emissions; Natural disasters; Caribbean; Global
Cover IMF Staff Country Reports
Suriname: Technical Assistance Report on Government Finance Statistics Mission (December 6-17, 2021)
International Monetary Fund. Statistics Dept.
At the request of the Suriname authorities, a remote technical assistance (TA) mission took place during December 6–17, 2021. The mission was conducted in coordination with the IMF’s Western Hemisphere Department. The main objective of the mission was to assist the Ministry of Finance and Planning (MFP) and the Central Bank of Suriname (CBS) to improve the quality of the Government Finance Statistics (GFS) in view of the IMF program. The main tasks were to (i) conduct a diagnostic assessment of the current GFS and public debt compilation process,(ii) explain and reduce statistical discrepancies, (iii) analyze data on arrears and reassess their treatment in GFS, (iv) review the integration of stocks and flows of the gross debt; and (v) update the public sector institutional table, and (vi) deliver a workshop on GFSM 2014 framework and (PSDS).
Keywords:
IMF's Statistics Department; Suriname debt management office; staff team of the International Monetary Fund; government finance Statistics mission; CBS accounting report; Government finance statistics; Stocks; Fiscal accounting and reporting