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Western Hemisphere > Suriname

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  • Monetary Policy, Central Banking, and the Supply of Money and Credit: General x
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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: 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: 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: First Review under the Extended Arrangement under the Extended Fund Facility, and Financing Assurances Review-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Suriname
International Monetary Fund. Western Hemisphere Dept.
On December 22, 2021, the IMF Executive Board approved a 36-month arrangement under the Extended Fund Facility (EFF) with access of 366.8 percent of quota (SDR 472.8 million or USD 673 million). The Surinamese authorities’ homegrown economic recovery plan aims to address systemic fiscal and external imbalances and chart a course toward debt sustainability, declining inflation, and economic recovery while maintaining social stability. In the first few months of the program, the authorities have made good progress but important risks remain.
Keywords:
staff appraisal; staff representative; Surinamese authorities; RMT regime; rising prices; Arrears; Monetary base; Exchange rates; Caribbean; Global
Cover IMF Staff Country Reports
Suriname: Request for an Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Suriname
International Monetary Fund. Western Hemisphere Dept.
Suriname faces systemic fiscal and external imbalances as a result of many years of economic mismanagement. Usable foreign reserves were depleted and, in the absence of other sources of budget financing, fiscal deficits were monetized. Inflation has, as a result, surged and there has been a significant depreciation of the exchange rate. Public debt, at 148 percent of GDP at end-2020, is unsustainable. In addition, there are important solvency problems embedded in the domestic banking system.
Keywords:
staff appraisal; staff representative; Surinamese authorities; government of Suriname; term deposit; Exchange rates; Arrears; Monetary base; Caribbean; Global
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: 2011 Article IV Consultation-Staff Report, Informational Annex, Public Information Notice on the Executive Board Discussion and Statement by the Executive Director for Suriname
International Monetary Fund
In this paper, the economic growth of Suriname is discussed. The fiscal deficit shifted from 2.2 percent to 3.3 percent of GDP during 2009–10. In 2010, CLICO-Suriname was acquired by a local insurance company. The need to rein in current expenditure and avoid development of wage–price inflation and strengthen the social support programs are stressed by the authorities. The introduction of VAT and other systems are discussed. Finally, improvement over the business environment to facilitate the development of the private sector and global economy was encouraged.
Keywords:
ISCR; CR; consultation informational annex; consultation; Surinamese authorities; government; authority; credit growth; awareness of the need; dollarization ratio; Commercial banks; Credit; Gold; South America
Cover IMF Staff Country Reports
Suriname: 2008 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion for Suriname; and Statement by the Executive Director for Suriname
International Monetary Fund
The key findings of Suriname’s 2008 Article IV Consultation show that a narrow economic base, terms-of-trade swings, and a weak policy/institutional framework have in the past led to macroeconomic instability. Weak policy and institutional frameworks have contributed to higher economic volatility and lower growth than in other commodity-exporting countries. These have undermined the credibility of policies and contributed to high financial dollarization, with over half of deposits denominated in foreign currency. Aided by high commodity prices and improved confidence, GDP growth is estimated at 5½ percent, with strong performance in both the mineral and nonmineral sectors.
Keywords:
ISCR; CR; Surinamese authorities; debt; IDB financing; terms of trade; price shock; GDP number; GDP ratio; Inflation; Public sector; Current account; Global