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Western Hemisphere > Suriname

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Cover IMF Staff Country Reports
Suriname: 2003 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Suriname
International Monetary Fund
Suriname's mining-based economy has suffered from poor macroeconomic management. Executive Directors commended the authorities' efforts to stabilize the economic, fiscal, and monetary policies stances, and emphasized the need to accelerate structural reforms. They stressed the need for fiscal consolidation, exchange rate unification, economic diversification, and improvements in governance and tax administration. They welcomed the authorities' decision to subscribe to the General Data Dissemination System, and encouraged them to continue to take full advantage of the technical assistance being provided by the IMF and the Inter-American Development Bank.
Keywords:
ISCR; CR; authority; Surinamese authorities; market; firm; government; CARICOM single market; central bank financing; authorities' resolve; bauxite company; financing flow; Public sector; Exchange rates; Commercial banks; Global
Cover IMF Working Papers
Suriname: A Case Study of High Inflation
Mr. Sukhdev Shah
and
Mr. Benedikt Braumann
Suriname recently went through a period of destabilizationthat that bordered on hyperinflation. The country’s experience provides a good illustration to study the genesis and dynamics of high inflation and includes some unusual phenomena, such as a monetary overhang, an eight-tiered exchange rate, and inflationary gold purchases by the central bank. High inflation also had a significant impact on the real economy. This paper compares the experience of Suriname with other countries discussed in the recent stabilization literature. It finds strong evidence of intertemporal demand effects, which occurred as the public reacted to the temporary bout of high inflation.
Keywords:
WP; exchange rate; price level; budget deficit; inflationary spiral; Inflation; monetary overhang; multiple exchange rates; non-neutralities; inflation act; Phillips curve; inflation period; excess supply; inflation rate; inflation result; Consumption; Real exchange rates; Government debt management; Real wages; Eastern Europe; Caribbean