Suriname has officially joined the World Bank Group's International Development Association (IDA), becoming its 175th member. This development marks a notable step in Suriname's ongoing efforts to enhance its economic and environmental resilience.
The IDA is known for providing grants and low-interest loans to low-income countries, focusing on addressing the challenges faced by small states. Suriname now qualifies for these resources under an expanded Small States Exception, which acknowledges the country's economic and environmental vulnerabilities.
The support from the IDA is expected to aid Suriname in areas such as economic diversification, disaster risk management, and community-based initiatives. With increasing climate change impacts and economic volatility, concessional financing from the IDA will help Suriname build resilience and promote inclusive growth while ensuring sustainable development financing.
"We are committed to securing sustainable financing that directly adds value to Suriname’s development. With the support of the World Bank’s International Development Association, we can ensure that our investments are strategic and impactful," stated Stanley Raghoebarsing, Suriname’s Minister of Finance and Planning.
The financial assistance from the IDA will complement ongoing economic and social reforms under the International Monetary Fund program, contributing to a more sustainable future for all citizens of Suriname.
"We are delighted to welcome Suriname as the 175th member of the International Development Association," said Dirk Reinermann, IDA Mobilization Director. "The World Bank Group is committed to supporting Suriname on its development path, providing access to affordable financing and expertise that will help the country reach its development objectives."
Suriname's membership in the IDA underscores its commitment to sustainable development and resilience building as it strives toward long-term economic and social goals.
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