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Western Hemisphere > Suriname

You are looking at 1 - 10 of 13 items for :

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Cover IMF Staff Country Reports
Suriname: Sixth 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 Sixth Review under the Extended Arrangement under the Extended Fund Facility. The authorities’ strong policy and efforts to stabilize the economy are yielding positive results: the economy is growing, inflation is on a steady downward trend, and investor confidence is returning. Suriname is implementing an ambitious economic reform agenda aimed at restoring fiscal and debt sustainability through fiscal consolidation and debt restructuring, protecting the vulnerable by expanding social protection, upgrading the monetary and exchange rate policy framework, addressing banking sector vulnerabilities, and advancing the anti-corruption and governance agenda. Monetary policy is supporting disinflation. The authorities’ demonstrated commitment to flexible, market-determined exchange rate is supporting international reserves accumulation. Finalization of the central bank recapitalization plan will help further strengthen its operational independence and financial autonomy. Building on the progress made thus far under the program, continued efforts are needed to entrench fiscal discipline, while protecting the poor and vulnerable, and further strengthen institutions and address governance weaknesses.
Keywords:
FX trading platform; address governance weakness; Policy outlook; Surinamese authorities; banking sector vulnerability; governance agenda; policy reform; State oil company; government T-bill exposure; Arrears; Energy subsidies; Domestic debt; Caribbean
Cover IMF Working Papers
Waiting for Godot? The Case for Climate Change Adaptation and Mitigation in Small Island States
Mr. Serhan Cevik
Global warming is the most significant threat to ecosystems and people’s health and living standards, especially in small island states in the Caribbean and elsewhere. This paper contributes to the debate by analyzing different options to scale up climate change mitigation and adaptation. In particular, the empirical analysis indicates that increasing energy efficiency and reducing the use of fossil fuel in electricity generation could lead to a significant reduction in carbon emissions, while investing in physical and financial resilience would yield long-run benefits. From a risk-reward perspective, the advantages of reducing the risks associated with climate change and the health benefits from higher environmental quality clearly outweigh the potential cost of climate change mitigation and adaptation in the short run. The additional revenue generated by environmental taxes could be used to compensate the most vulnerable households, building a multilayered safety net, and strengthening structural resilience.
Keywords:
Climate change; decarbanization; energy efficiency; mitigation; adaptation; carbon tax; green financing; climate change mitigation; risk-reward perspective; Island state; adaptation strategy; climate change adaptation; Greenhouse gas emissions; Natural disasters; Caribbean; Global
Cover IMF Staff Country Reports
Suriname: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues explores ways for strengthening the current fiscal framework in Suriname and considers options for a new fiscal anchor. The paper provides an overview of mineral natural resources and their importance for the budget. It also lays out the current framework for fiscal planning and budget execution in Suriname and discusses the analytical underpinnings of modernizing it to make it more robust. The paper also presents estimates of long-term sustainability benchmarks based on the IMF’s policy toolkit for resource-rich developing countries. Suriname’s fiscal framework can be strengthened through a fiscal anchor rooted in the non-resource primary balance. Given the size of fiscal adjustment required to bring the non-resource primary balance in line with the long-term sustainability benchmark, a substantial transition period is needed to implement it. The IMF Staff’s adjustment scenario—designed to put public debt on the downward path—closes the current gap by less than half, implying that adjustment would need to continue beyond the 5-year horizon.
Keywords:
ISCR; CR; Suriname; IoT data; GIMF model; GDP data; high frequency data; tariffs vis-a-vis; Current spending; Public investment spending; Fiscal governance; Natural resources; Global; Caribbean
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 Working Papers
Public Investment Scaling-up and Debt Sustainability: The Case of Energy Sector Investments in the Caribbean
Ahmed El-Ashram
The question of how scaling up public investment could affect fiscal and debt sustainability is key for countries needing to fill infrastructure gaps and build resilience. This paper proposes a bottom-up approach to assess large public investments that are potentially self-financing and reflect their impact in macro-fiscal projections that underpin the IMF’s Debt Sustainability Analysis Framework. Using the case of energy sector investments in Caribbean countries, the paper shows how to avoid biases against good projects that pay off over long horizons and ensure that transformative investments are not sacrificed to myopic assessments of debt sustainability risks. The approach is applicable to any macro-critical investment for which user fees can cover financing costs and which has the potential to raise growth without crowding-out.
Keywords:
WP; cost saving; energy investment; investment project; investment scaling-up; management framework; Public Investment; Debt Sustainability; Growth; Energy Reform; Caribbean; User Fees; Public investment spending; Public investment and public-private partnerships (PPP); Public sector
Cover IMF Working Papers
Modeling Appropriate Fiscal Targets and Optimal Consolidation Paths for Resource-Rich Countries: The Case of Suriname
Mr. Daniel S Kanda
and
Mr. Mario Mansilla
This paper first attempts to quantify the natural resource wealth of Suriname from the perspective of its impact on the fiscal position, and then assesses the fiscal sustainability gap in that context. It then presents models to address the question of the optimal path of fiscal consolidation given the outlook for natural resource wealth, macroeconomic conditions, and country authority preferences.
Keywords:
WP; discount rate; Suriname; Natural Resource Wealth; Optimal Fiscal Consolidation; Fiscal Sustainability; Fiscal Targets; sustainability gap; baseline projection; constraint method; commodity exporter; gold price; price projection; Output gap; Fiscal stance; Non-renewable resources; Natural resources; Global
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
Cover IMF Staff Country Reports
Suriname: 2009 Article IV Consultation—Staff Report; Statement by the Staff Representative; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director
International Monetary Fund
This 2009 Article IV Consultation highlights that economic activity weakened in Suriname in 2009 in the context of lower alumina and oil prices and a sharp output decline in the alumina sector. However, economic growth is estimated to have remained positive at 2.5 percent, supported by buoyant activity in the gold and construction sectors. Inflation has fallen sharply. Executive Directors have welcomed the authorities’ decision to postpone the reduction in the corporate tax rate, as this would adversely affect tax collections.
Keywords:
ISCR; CR; Standard and Poor's; S&P's praised Suriname; Suriname; ratings report; foreign currency rating; broad money growth; staff appraisal; Surinamese insurance company Self Reliance; Commercial banks; Bank deposits; Public sector; Civil service; Global
Cover IMF Staff Country Reports
Suriname: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
IMF staff estimate; Surinam rice operation; burger Luchtvaart Autoriteit Suriname; Tennis bond; Sur. zwembond; unit value; Suriname authorities; Public sector; Agroindustries; Exports; Stocks; Western Hemisphere
Cover IMF Staff Country Reports
Suriname: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; Suriname; joint stock; net; IMF staff estimate; Surinam rice operation; burger Luchtvaart Autoriteit Suriname; unit value; Sur. zwembond; Suriname authorities; Public sector; Agroindustries; Transportation; Stocks; Western Hemisphere