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Western Hemisphere > Suriname

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Cover IMF Staff Country Reports
Suriname: 2024 Article IV Consultation and the Eighth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of Performance Criteria, Waivers of Nonobservance 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.
This paper presents Suriname’s 2024 Article IV Consultation and the Eight Review under the Extended Arrangement under the Extended Fund Facility, Requests for Modification of Performance Criteria, Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review. Suriname is implementing an ambitious economic reform agenda to restore macroeconomic stability and debt sustainability, while laying the foundations for strong and more inclusive growth. The authorities’ steadfast commitment to maintaining prudent macroeconomic policies and implementing difficult but necessary reforms are yielding positive results: the economy is growing, inflation is declining, donor engagement is deepening, and investor confidence is returning. The Final Investment Decision announcement in the new offshore field has boosted the medium-term outlook in the country. Building on the progress made thus far, the authorities should entrench fiscal discipline, particularly in the run up to the elections while protecting the vulnerable. In view of the upcoming oil wealth, strengthening the fiscal framework, including through the introduction of new fiscal rules, and addressing governance weaknesses is critical.
Keywords:
Surinamese authorities; tax authorities; debt sustainability outlook; recapitalization plan; B. data standard; governance reform agenda; policy priority; management framework; government procurement; Monetary base; International reserves; Exchange rates; Arrears; Caribbean
Cover IMF Staff Country Reports
Suriname: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper focuses on boosting potential growth by addressing gender gaps in Suriname. This paper has three main objectives. First, it assesses the current gender inequality in opportunities and outcomes in Suriname. Second, it highlights the economic benefits of reducing gender inequality and removing barriers to women’s economic empowerment. Third, it identifies potential policy areas where action is needed. Suriname has seen gradual decline in gender inequality over the past few decades. There are significant gains from closing gender gaps in labor market outcomes. The female labor force participation rate has increased compared to that of males, contributing to a smaller gap between the two. Child marriage and adolescent fertility rates remain high, and they are closely related to education and poverty. The lack of infrastructure and services presents additional challenges for women’s time allocation. While access to electricity and safe drinking water has generally improved in Suriname, significant gaps remain in rural areas. The report also highlights opportunities for policies to support the implementation of legal rights across various areas.
Keywords:
C. labor market indicator; I. monetary policy framework; labor market outcome; Suriname mineral health; IMF's transparency policy; Gender inequality; Fiscal rules; Monetary policy frameworks; Women; Caribbean
Cover IMF Staff Country Reports
Suriname: Seventh Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of Performance Criteria, Waivers of Nonobservance 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.
This paper presents Suriname’s Seventh Review under the Extended Arrangement under the Extended Fund Facility, Requests for Modification of Performance Criteria, Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review. Suriname is implementing an ambitious economic reform agenda to restore macroeconomic stability and debt sustainability, while laying the foundations for strong and more inclusive growth. The program includes policies to restore fiscal and debt sustainability, protect the poor and vulnerable, upgrade the monetary and exchange rate policy framework, address banking sector vulnerabilities, and advance the anti-corruption and governance reform agenda. A tight monetary policy is supporting disinflation. Implementing the recently finalized plan for central bank recapitalization will strengthen the central bank’s operational and financial autonomy. The authorities’ demonstrated commitment to a flexible, market-determined exchange rate is supporting international reserve accumulation. The authorities should persevere with their ambitious structural reform agenda to strengthen institutions, address governance weaknesses, build climate resilience, and improve data quality.
Keywords:
reform agenda; address governance weakness; Surinamese authorities; Policy outlook; policy reform; Exchange rates; Arrears; Monetary base; International reserves; Caribbean
Cover IMF Staff Country Reports
Suriname: Sixth 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.
This paper presents Suriname’s Sixth Review under the Extended Arrangement under the Extended Fund Facility. The authorities’ strong policy and efforts to stabilize the economy are yielding positive results: the economy is growing, inflation is on a steady downward trend, and investor confidence is returning. Suriname is implementing an ambitious economic reform agenda aimed at restoring fiscal and debt sustainability through fiscal consolidation and debt restructuring, protecting the vulnerable by expanding social protection, upgrading the monetary and exchange rate policy framework, addressing banking sector vulnerabilities, and advancing the anti-corruption and governance agenda. Monetary policy is supporting disinflation. The authorities’ demonstrated commitment to flexible, market-determined exchange rate is supporting international reserves accumulation. Finalization of the central bank recapitalization plan will help further strengthen its operational independence and financial autonomy. Building on the progress made thus far under the program, continued efforts are needed to entrench fiscal discipline, while protecting the poor and vulnerable, and further strengthen institutions and address governance weaknesses.
Keywords:
FX trading platform; address governance weakness; Policy outlook; Surinamese authorities; banking sector vulnerability; governance agenda; policy reform; State oil company; government T-bill exposure; Arrears; Energy subsidies; Domestic debt; Caribbean
Cover IMF Staff Country Reports
Suriname: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of Performance Criteria, Waivers of Nonobservance of a Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Suriname
International Monetary Fund. Western Hemisphere Dept.
This paper highlights Suriname’s Fifth Review under the Extended Arrangement under the Extended Fund Facility (EFF), Requests for Modification of Performance Criteria, Waivers of Nonobservance of a Performance Criterion, and Financing Assurances Review. The authorities’ commitment to fiscal discipline and macroeconomic stabilization under the EFF-supported program is paying off. The economy is growing, inflation is on a steady downward trend, and investor confidence is improving. Near-term downside risks highlight the importance of maintaining the reform momentum to secure hard-won gains. Noteworthy progress has been made with debt restructuring. Bilateral agreements with all official creditors have been completed and the debt exchange with private external bondholders has been finalized. Domestic debts to the central bank and commercial banks have been restructured. The priority is to promptly clear domestic debt arrears. The authorities should persevere with their ambitious structural reform agenda to strengthen institutions, governance, and data quality, including with continued capacity development support from the IMF and other development partners.
Keywords:
Surinamese authorities; investor confidence; assessment power; state decree; governance agenda; recapitalization plan; Arrears; International reserves; Exchange rates; Monetary base; Caribbean
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.
This paper presents Suriname’s 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. Fiscal discipline and tight monetary policy are bringing about the long-awaited stability. The economy is growing, inflation is coming down, and investor confidence is returning. The authorities have completed the private debt exchange and are close to concluding agreements with all remaining creditors. The authorities’ near-term priority is to maintain fiscal prudence while protecting the most vulnerable, preserve the structural reform momentum, and avoid policy backtracking. Excellent progress has been made with debt restructuring. The debt exchange with private bondholders has been finalized with high participation rate. An agreement in principle at the technical level has been reached with Exim China and is under internal approval process for signature. Structural reforms to strengthen institutions, governance, and data quality remain key priorities with continued capacity building support by the IMF and other development partners.
Keywords:
credit system Supervision Act; revised banking; government fuel tax; State decree; profit and loss projection; International reserves; Exchange rates; Monetary base; Caribbean
Cover IMF Staff Country Reports
Suriname: Technical Assistance Report—Financial Stability Report
International Monetary Fund. Monetary and Capital Markets Department
This Technical Assistance Report on Suriname discusses summary and recommendations of financial stability report (FSR). The mission focused on enhancing the FSR of the Central Bank of Suriname (CBS) whose publication has recently resumed. The mission provided several recommendations to the CBS. This covered the content and structure of the FSR and its related FSR processes, CBS’s internal and external communication, additional headcount for the Financial Stability Department, developing the financial stability analytical toolkit, coverage of the non-banking sector, and the use of data sources and statistics. The preparation of a detailed FSR production plan is critical and could facilitate improvements and bring some synergies between different teams involved in its production. This needs to include different steps and set up a firm date of publication. The CBS should further continue working toward enhancing the financial stability analytical toolkit. The mission also identified that more in-depth analysis of the insurance and pension sector is needed. The bank-like activities undertaken by non-banks should be fully assessed and monitored.
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.
This paper presents Suriname’s Third Review Under the Extended Arrangement Under the Extended Fund Facility. The authorities’ commitment to macroeconomic stability and fiscal discipline under the program is starting to bear fruit. The economy is stabilizing as exchange rate pressures have eased and inflation, while still high, is on a downward trend. The authorities’ main near-term policy priority is to maintain fiscal prudence while protecting the most vulnerable and supporting growth-enhancing investment. Decisive fiscal adjustment is putting debt on a firm downward trajectory even as expenditures to protect the vulnerable are being prioritized. Monetary and fiscal restraints are easing pressures on the exchange rate, but inflation has yet to move decisively lower. Efforts are underway to broaden the tax base, increase spending efficiency, improve governance, and address longstanding vulnerabilities in the financial system. The authorities have enacted an amendment to increase value added tax revenues and have finalized a framework to assess banks’ recapitalization and restructuring plans.
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