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Western Hemisphere > Suriname

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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-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: 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