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Western Hemisphere > Suriname

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Cover IMF Staff Country Reports
Suriname: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
2024 Selected Issues
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 Technical Assistance Reports
Suriname: Technical Assistance Report-Assessing the Launch and Administration of VAT in Suriname
International Monetary Fund. Fiscal Affairs Dept.
At the request of the Directorate of Taxes and Customs, a technical assistance mission evaluated how the authorities launched the Value Added Tax (VAT), administered the tax in the first 12-months of operation, and provided advice on improving the efficiency of the administration of VAT. Suriname implemented a VAT on January 1, 2023, replacing the Sales Tax. VAT revenue collected for the first 12 months was approximately 3 percent of Gross Domestic Product (GDP) and was 95.4 percent of the collection target. The weaker than expected VAT performance can be attributed to how the VAT implementation was managed. The authorities were not sufficiently prepared to effectively implement and administer the VAT. Several risks have been identified, and if not urgently addressed, there may be weaker VAT revenue collection, continued weak filing and payment compliance, which pose a challenge to the authorities’ fiscal program.
Keywords:
Total Input Tax; Total Output Tax; Total Supplies; Taxpayer Identification Number; Taxpayer Registration; Value Added Tax; VAT Implementation; Suriname.; VAT declaration; VAT revenue collection; departments Administering VAT; VAT Payable; revenue performance; input VAT; VAT information; Value-added tax; Tax refunds; Tax administration core functions; Sales tax; Auditing; Global; 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 Policy Papers
Policy Reform Proposals To Promote The Fund’s Capacity To Support Countries Undertaking Debt Restructuring
International Monetary Fund. Strategy, Policy, & Review Department
,
International Monetary Fund. Legal Dept.
, and
International Monetary Fund. Finance Dept.
A number of sovereign debt restructurings over the past three years faced significant delays but the cases are now moving forward. These delays slowed access of countries to much needed Fund financial support, and alongside creditors’ efforts the Fund had to find ways forward. With significant experience now gleaned from recent restructuring cases, it is important to extract the lessons for Fund policies from this episode. Delays in future Fund engagements need to be minimized where this can be done in a manner consistent with restoring the member to medium-term external viability and ensuring adequate safeguards for the Fund. Such delays can contribute to a deepening of debt distress, making adjustment more difficult, exacerbating the debt problem, and creating inefficiency costs for both the debtor and its creditors.
Keywords:
support countries undertaking debt restructuring; policy reform proposal; Fund policy; fund policy; draft Executive Board understanding; Debt restructuring; Arrears; Debt sustainability; Debt sustainability analysis; Emergency assistance; Global
Cover Technical Assistance Reports
Suriname: Technical Assistance Report-Monetary and Financial Statistics Mission (May 8–19, 2023)
International Monetary Fund. Statistics Dept.
The mission worked with officials of the Central Bank of Suriname (CBS) to review the compilation framework of monetary statistics for the central bank (CB) and other depository corporations (ODCs) in accordance with the methodology set out in the IMF’s 2016 Monetary and Financial Statistics Manual and Compilation Guide and developed a roadmap to incorporate the accounts of insurance corporations and pensions funds in the compilation of monetary and financial statistics (MFS). Alongside these improvements, the CBS will be able to produce an updated and improved MFS.
Keywords:
Suriname; monetary and financial statistics; other depository corporations; other financial corporations; insurance corporations; pension funds.
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 High-Level Summary Technical Assistance Reports
Suriname: Financial Stability Report
Petr Jakubik
This High-Level Summary technical assistance report presents mission’s summary and recommendations of financial stability report (FSR). The technical assistance aimed to enhance the 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. In the meantime, the existing data gaps could be covered by different surveys with the industry. Finally, the CBS should initiate a discussion on software/tools that would be used for processing big data in the Bank.
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
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