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Suriname: Third Review Under the Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Suriname
Author:
International Monetary Fund. Western Hemisphere Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2023: Issue 350
Language:
English
Publication Date:
16 Oct 2023
DOI:
https://doi.org/10.5089/9798400256158.002
ISBN:
9798400256158
ISSN:
1934-7685
Pages:
114
Keywords:
end-December QPC; staff appraisal; near-term policy priority; governance reform; Surinamese authorities; Arrears; Inflation; Debt restructuring; Caribbean; Global
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This paper presents Suriname’s Third Review Under the Extended Arrangement Under the Extended Fund Facility. The authorities’ commitment to macroeconomic stability and fiscal discipline under the program is starting to bear fruit. The economy is stabilizing as exchange rate pressures have eased and inflation, while still high, is on a downward trend. The authorities’ main near-term policy priority is to maintain fiscal prudence while protecting the most vulnerable and supporting growth-enhancing investment. Decisive fiscal adjustment is putting debt on a firm downward trajectory even as expenditures to protect the vulnerable are being prioritized. Monetary and fiscal restraints are easing pressures on the exchange rate, but inflation has yet to move decisively lower. Efforts are underway to broaden the tax base, increase spending efficiency, improve governance, and address longstanding vulnerabilities in the financial system. The authorities have enacted an amendment to increase value added tax revenues and have finalized a framework to assess banks’ recapitalization and restructuring plans.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund