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Western Hemisphere > Suriname

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Cover IMF Staff Country Reports
Suriname: Ninth Review Under the Extended Arrangement Under the Extended Fund Facility, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Suriname
International Monetary Fund. Western Hemisphere Dept.
The economy is growing, inflation is receding, donor support is increasing, public debt is declining, and credit rating agencies have upgraded Suriname’s sovereign debt rating. The oil production from block 58 is set to begin in 2028 and the authorities are putting in place the institutions needed to transparently manage this resource windfall. Upon completion of this ninth review—the first ever IMF-supported program that Suriname will have completed—SRD 46.8 million (about USD 61.2 million) would be made available.
Cover High-Level Summary Technical Assistance Reports
Suriname: Financial Stability, Monetary Policy, and Central Bank Communication
Petr Jakubik
and
Marek Petrus
The technical assistance mission evaluated the Central Bank of Suriname’s (CBvS) communication on monetary policy and financial stability to enhance transparency, consistency, and stakeholder engagement. Recommendations include institutionalizing structured decision-making with fixed schedules for Monetary Policy Advisory Committee (MPAC) and Financial Stability Advisory Committee (FSAC) meetings, followed by policy-setting Executive Board sessions. These efforts should be supported by forward-looking publications, such as the Monetary Policy Report (MPR) and Financial Stability Report (FSR). Enhanced communication strategies, including proactive outreach and capacity-building programs, aim to align CBvS practices with international standards, strengthen credibility, regain public trust, and support its mandate for price and financial stability.
Keywords:
monetary policy; financial stability; central bank communication; decision making frameworks; transparency; stakeholder engagement; FSAC meeting; CBvS's communication; decision-making framework; Financial sector stability
Cover Technical Assistance Reports
Suriname: Technical Assistance Report; Financial Stability, Monetary Policy, and Central Bank Communication
International Monetary Fund. Western Hemisphere Dept.
and
International Monetary Fund. Monetary and Capital Markets Department
At the request of the Central Bank of Suriname (CBvS), this technical assistance (TA) mission assessed and provided recommendations to enhance the transparency, consistency, and stakeholder engagement of monetary policy and financial stability communication. Strengthening communication in these areas is critical to reinforcing the CBvS’s credibility, aligning its practices with international standards, and supporting its mandate for price and financial stability. The mission recommended institutionalizing structured decision-making by implementing fixed schedules for Monetary Policy Advisory Committee (MPAC) and Financial Stability Advisory Committee (FSAC) meetings, followed by policy-setting Executive Board sessions. These efforts should be supported by the introduction of forward-looking publications, including a Monetary Policy Report (MPR) and an enhanced Financial Stability Report (FSR), ensuring more structured and transparent communication. To further strengthen engagement, the report emphasizes the importance of proactive outreach and capacity-building programs to improve public understanding, foster market confidence, and reinforce CBvS’s credibility. Implementing these measures will enhance transparency, facilitate clearer communication of policy decisions, and help regain public trust in the CBvS’s commitment to monetary and financial stability.
Keywords:
monetary policy; financial stability; central bank communication; decision making frameworks; transparency and stakeholder engagement; Suriname.; monetary policy decision-making; IMF's Monetary; market expectation; deputy head; long-term objective; CARTAC mission; Financial sector stability; Monetary policy communication; Price stabilization; Open market operations; Inflation
Cover IMF Staff Country Reports
Suriname: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper focuses on boosting potential growth by addressing gender gaps in Suriname. This paper has three main objectives. First, it assesses the current gender inequality in opportunities and outcomes in Suriname. Second, it highlights the economic benefits of reducing gender inequality and removing barriers to women’s economic empowerment. Third, it identifies potential policy areas where action is needed. Suriname has seen gradual decline in gender inequality over the past few decades. There are significant gains from closing gender gaps in labor market outcomes. The female labor force participation rate has increased compared to that of males, contributing to a smaller gap between the two. Child marriage and adolescent fertility rates remain high, and they are closely related to education and poverty. The lack of infrastructure and services presents additional challenges for women’s time allocation. While access to electricity and safe drinking water has generally improved in Suriname, significant gaps remain in rural areas. The report also highlights opportunities for policies to support the implementation of legal rights across various areas.
Keywords:
C. labor market indicator; I. monetary policy framework; labor market outcome; Suriname mineral health; IMF's transparency policy; Gender inequality; Fiscal rules; Monetary policy frameworks; Women; Caribbean
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.
This paper presents Suriname’s 2024 Article IV Consultation and the Eight 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 authorities’ steadfast commitment to maintaining prudent macroeconomic policies and implementing difficult but necessary reforms are yielding positive results: the economy is growing, inflation is declining, donor engagement is deepening, and investor confidence is returning. The Final Investment Decision announcement in the new offshore field has boosted the medium-term outlook in the country. Building on the progress made thus far, the authorities should entrench fiscal discipline, particularly in the run up to the elections while protecting the vulnerable. In view of the upcoming oil wealth, strengthening the fiscal framework, including through the introduction of new fiscal rules, and addressing governance weaknesses is critical.
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: 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 Technical Assistance Reports
Suriname: Technical Assistance Report-Strengthening the AML/CFT Legal Framework and Developing a Risk-based Approach to AML/CFT Supervision—Central Bank of Suriname
International Monetary Fund. Legal Dept.
The mission was undertaken in the context of a capacity development (CD) project that assisted the authorities to enact a new AML/CFT law in November 2022 and amend AML/CFT secondary legislation and related components of sectoral legislation. During the mission, staff discussed the authorities’ continued initiatives to strengthen the legal framework and the existing supervisory arrangements in place at the CBvS. Staff’s main work during the mission focused on reviewing further amendments made to the AML/CFT law (Wet ter Voorkoming en bestrijding van Money Laundering en Terrorisme Financiering (WMTF), and a directive developed by the CBvS (“Richtlijn AML/CFT”). Staff also proposed amendments to a newly developed AML/CFT supervision manual (“Handboek AML/CFT Toezicht”) and the set-up of an institutional money laundering/terrorism financing (ML/TF) risk matrix as key components of the CBvS’ AML/CFT supervisory framework.
Keywords:
Richtlijn AML; supervisory arrangement; supervisory framework; risk matrix; supervisory activity; Anti-money laundering and combating the financing of terrorism (AML/CFT)
Cover Technical Assistance Reports
Suriname: Technical Assistance Report-Assessing the Launch and Administration of VAT in Suriname
International Monetary Fund. Fiscal Affairs Dept.
At the request of the Directorate of Taxes and Customs, a technical assistance mission evaluated how the authorities launched the Value Added Tax (VAT), administered the tax in the first 12-months of operation, and provided advice on improving the efficiency of the administration of VAT. Suriname implemented a VAT on January 1, 2023, replacing the Sales Tax. VAT revenue collected for the first 12 months was approximately 3 percent of Gross Domestic Product (GDP) and was 95.4 percent of the collection target. The weaker than expected VAT performance can be attributed to how the VAT implementation was managed. The authorities were not sufficiently prepared to effectively implement and administer the VAT. Several risks have been identified, and if not urgently addressed, there may be weaker VAT revenue collection, continued weak filing and payment compliance, which pose a challenge to the authorities’ fiscal program.
Keywords:
Total Input Tax; Total Output Tax; Total Supplies; Taxpayer Identification Number; Taxpayer Registration; Value Added Tax; VAT Implementation; Suriname.; VAT declaration; VAT revenue collection; departments Administering VAT; VAT Payable; revenue performance; input VAT; VAT information; Value-added tax; Tax refunds; Tax administration core functions; Sales tax; Auditing; Global; 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