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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.
The authorities’ commitment to a range of policy reforms continues to strengthen macroeconomic stability. The economy is growing, inflation is receding, donor support is increasing, the public debt is declining, and international bond spreads are at historic lows. The Final Investment Decision (FID) to develop a large offshore oil field was announced on October 1. Moody’s has upgraded Suriname’s sovereign debt rating and changed the outlook to positive.
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: 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 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 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
Cover IMF Staff Country Reports
Suriname: Technical Assistance Report-External Sector Statistics
International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission on external sector statistics (ESS) was conducted in Paramaribo, Suriname, during March 2‒13, 2020. The mission was part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS and was carried out in response to a request from the Central Bank of Suriname (CBvS). The mission reviewed estimates and coverage of the balance of payments and international investment position (IIP), which have been prepared in the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) format. In particular, the mission’s work mainly aimed at enhancing the coverage and the classification of (i) currency and deposits assets held abroad by the nonfinancial sector; (ii) insurance services, transport, travel account and trade credit and advances; (iii) offshore petroleum exploration companies; (iv) government external debt; and (iv) the use of business survey. Improvements in these key areas will facilitate a more robust assessment of external sector developments. Reliable ESS is essential for informed economic policy-making by the authorities and for IMF’s surveillance.
Keywords:
IMF's Statistics Department; goods account; customs data; balance of payments manual; Statistics Department of the IMF; External sector statistics; Balance of payments statistics; International investment position; Imports; Caribbean
Cover IMF Staff Country Reports
Suriname: 2019 Article IV Consultation-Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Suriname
International Monetary Fund. Western Hemisphere Dept.
This 2019 Article IV Consultation with Suriname discusses that Suriname continues to grow steadily with low inflation. However, there has been little progress in implementing urgently needed fiscal reforms, and the fiscal position is likely to continue to weaken in the coming year. The consultation focused on policies to bolster the economy in the medium term. These include fiscal measures to enhance revenues and efficiency and lower expenditures, policies to improve the monetary and financial sector supervision frameworks, and structural policies to boost potential growth. Advances have been made in developing the central bank’s monetary tools and facilities; however, more is needed to strengthen the credibility of the monetary framework. The banking sector faces important downside risks and there are gaps in the central bank’s supervisory and resolution framework. It is advised to put the public debt on a sustainable path. A significant reduction in the fiscal deficit could be achieved by implementing a value-added tax, curtailing electricity subsidies except to the poor, and improving public financial management.
Keywords:
ISCR; CR; CBvS; central bank; GDP; Suriname; Surinamese economy; supervision framework; foreign exchange; Suriname's economy; electricity sector subsidy; law amendment; paternity support; fiscal policy framework; CFT regime; Monetary base; International reserves; Currencies; Anti-money laundering and combating the financing of terrorism (AML/CFT); Caribbean; IMF's transparency policy; CPI data; External sector statistics
Cover IMF Staff Country Reports
Suriname: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Suriname
International Monetary Fund. Western Hemisphere Dept.
Suriname is recovering from the deep recession of 2015-16. Growth has turned positive, inflation has reduced to single digits, real interest rates have turned positive, and the external position has on balance strengthened. Nonetheless, the economy remains heavily dependent on the mineral sector, and faces fiscal, monetary, and banking sector vulnerabilities.
Keywords:
ISCR; CR; Suriname; IMF staff calculation; GDP; holding; Suriname's economy; monetary policy operation; government mining revenue; underdeveloped monetary policy framework; financial asset; monetary policy; Fiscal stance; Exchange rates; Monetary base; Caribbean; Europe; Asia and Pacific
Cover IMF Staff Country Reports
Suriname: Technical Assistance Report-National Accounts Statistics Mission
International Monetary Fund. Statistics Dept.
This Technical Assistance Report discusses measures required to improve the national accounts of Suriname, including consistency with the System of National Accounts 2008. The General Bureau of Statistics (GBS) is expected to implement the recommendations of the IMF mission progressively over a five-year period. Given the staff time wasted on data entry and potential transcription errors, the GBS should give high priority to requesting the Ministry of Finance to provide the Government accounts data in Excel format for 2015 onward. With the support of the Finance Minister, the GBS also needs to implement a formal agreement with the Tax Department to share tax registration data, company income tax returns and sales tax returns.
Keywords:
ISCR; CR; estimate; GDP; center; price index; KPV estimate; GDP-p estimate; GDP estimate; SUT estimate; CPV estimate; GDP-e estimate; current price; BM estimate; GDP-P estimate; Consumer price indexes; Data collection; Price indexes; Caribbean
Cover IMF Staff Country Reports
Suriname: Request for Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Suriname
International Monetary Fund. Western Hemisphere Dept.
This paper mainly discusses the IMF-supported program aimed at restoring macroeconomic stability and confidence in Suriname’s economy. The proposed 24-month Stand-By Arrangement (265 percent of quota, or SDR 342 million) aims to support Suriname’s adjustment to the fall in commodity export prices and restore external and fiscal sustainability. It foresees an improvement of the fiscal balance by 7.4 percent of GDP, which would reverse the rise in the government debt-to-GDP ratio; restore foreign reserves to adequate levels—four months of imports; and reflect a monetary policy stance calibrated to reduce inflation to single digits. It also strengthens the foundations for private-sector growth.
Keywords:
ISCR; CR; government; government transaction; foreign currency; reform; staff assessment; government of the People's Republic of China; exchange rate system; Suriname's transition; foreign exchange bureau; International reserves; Exchange rates; Currencies; Caribbean
Cover IMF Staff Country Reports
Suriname: Staff Report for the 2012 Article IV Consultation
International Monetary Fund. Western Hemisphere Dept.
The economy continues to recover at a steady pace, buoyed by strong activity in the oil and gold sectors, as well as public investment. In the wake of the January 2011 devaluation and concurrent increase in taxes, the fiscal balance shifted from a deficit of 3 percent of GDP in 2010 to a surplus of 1 percent in 2011. The balance of payment also strengthened significantly, boosting reserves to nearly US$1 billion (5¼ months of imports) at end-2011. With still-tight monetary conditions, 12-month inflation dropped to 3.6 percent in May 2012, from a peak of over 22 percent in April 2011.
Keywords:
ISCR; CR; foreign currency; government; inflation; inflation pressure; Surinamese authorities; Suriname authorities; wage-inflation spiral; liability positions vis-à-vis nonresident; Public sector; Oil; Currency markets; Caribbean; Global