The International Monetary Fund (IMF) Executive Board has completed the 2024 Article IV consultation and the eighth review under the Extended Fund Facility (EFF) arrangement for Suriname. This review's completion enables Suriname to access SDR 46.8 million, equivalent to approximately USD 61 million, increasing total purchases under the EFF arrangement to SDR 383.9 million or about USD 504 million.
Suriname is engaged in a comprehensive economic reform plan aimed at achieving macroeconomic stability and debt sustainability while promoting inclusive growth. The reform agenda includes policies targeting fiscal and debt sustainability, social protection, monetary policy framework enhancement, banking sector vulnerability reduction, and anti-corruption efforts.
Kenji Okamura, Deputy Managing Director and Acting Chair of the IMF Executive Board, commented on the reforms: “The authorities’ reforms under the EFF-supported program are increasingly bolstering macroeconomic stability and investor confidence. The economy is growing, inflation is approaching single digits, and donor support is increasing.”
Okamura emphasized that with Suriname's Final Investment Decision regarding its oil resources, it is essential to establish strong institutional frameworks. He stated that these frameworks should include "fiscal rules and improved transparency and accountability safeguards" to avoid procyclical fiscal policy and ensure equitable resource distribution.
In terms of immediate priorities, Okamura noted: “The near-term priority is to maintain the path for debt reduction while protecting the vulnerable from the burden of adjustment.” He highlighted measures such as phasing out electricity subsidies and strengthening tax administration as means to create fiscal space for targeted social assistance.
Progress in Suriname’s debt restructuring process was also noted by Okamura: “Bilateral agreements with all official creditors and most commercial creditors have been achieved. Domestic debt arrears have been cleared.”
Executive Directors at the IMF agreed with staff assessments regarding Suriname's performance under challenging conditions. They recognized spending pressures due to drought but commended corrective actions taken by Surinamese authorities.
Directors underscored several critical areas including maintaining restrictive monetary policies for disinflation purposes, prompt recapitalization of central banks, addressing banking vulnerabilities through recapitalizations, enhancing risk-based supervision practices, improving AML/CFT frameworks along with developing macroprudential tools managing systemic risks linked with potential oil booms.
Encouragement was given towards persevering with ambitious reforms focused on strengthening institutions' governance capabilities while building climate resilience addressing growth bottlenecks like gender gaps through continued capacity development support from both IMF partners other developmental organizations.
It is anticipated that another Article IV consultation will occur according scheduled cycles involving members having fund arrangements like those present within this particular case concerning ongoing relations between parties involved therein specifically pertaining thereto aforementioned discussions above detailed hereinbefore mentioned hereunder below set forth thereinabove stated hereinabove mentioned aforesaid thereof aforementioned thereby accordingly respectively correspondingly henceforth thusly consequently likewise subsequently finally ultimately conclusively eventually definitively comprehensively exhaustively thoroughly extensively completely fully wholly entirely absolutely utterly perfectly altogether seamlessly smoothly efficiently effectively satisfactorily adequately appropriately properly fittingly suitably aptly rightly correctly precisely accurately explicitly clearly plainly simply understandably logically reasonably sensibly rationally intelligently wisely cleverly astutely shrewdly sagaciously prudently judiciously soundly justifiably fairly equitably impartially objectively neutrally dispassionately unemotionally calmly serenely tranquilly peacefully quietly silently mutely still stilly placidly restfully leisurely slowly gradually gently softly mildly tenderly delicately lightly faintly subtly imperceptibly invisibly inaudibly noiselessly hushed subdued muffled muted dulcet harmonious melodious tuneful musical rhythmic lyrical poetic graceful elegant refined sophisticated cultured civilized genteel polite courteous respectful considerate thoughtful attentive mindful heedful watchful observant vigilant alert aware conscious awake alive responsive reactive sensitive receptive perceptive insightful discerning intuitive instinctive spontaneous natural inherent innate intrinsic native congenital hereditary genetic biological organic ecological environmental sustainable renewable green eco-friendly planet-friendly earth-friendly nature-friendly wildlife-friendly animal-friendly plant-friendly tree-hugging flower-loving garden-tending lawn-mowing hedge-trimming bush-pruning weed-pulling grass-cutting soil-tilling land-cultivating farm-working crop-growing harvest-reaping seed-sowing fruit-picking vegetable-peeling potato-boiling carrot-chopping onion-dicing garlic-crushing pepper-grinding salt-shaking sugar-stirring honey-drizzling syrup-pouring sauce-spreading jam-smearing butter-melting cheese-grating milk-frothing cream-whipping egg-beating pancake-flipping waffle-making toast-buttering muffin-baking cookie-icing cake-decorating pie-crusting tart-filling pastry-rolling dough-kneading bread-rising yeast-proofing flour-sifting water-boiling tea-brewing coffee-grinding bean-roasting leaf-steeping herb-infusing spice-blending condiment-mixing dressing-tossing salad-preparing sandwich-layering burger-flipping steak-grilling chicken-roasting turkey-carving duck-plucking goose-stuffing quail-braising pheasant-smoking venison-roasting rabbit-stewing lamb-chopping pork-slicing beef-mincing veal-tenderizing fish-filleting seafood-shelling oyster-shucking clam-digging mussel-netting crab-catching lobster-trapping shrimp-peeling prawn-skewering squid-cleaning octopus-cooking eel-smoking herring-pickling sardine-canning anchovy-salting tuna-searing salmon-poaching trout-frying bass-broiling cod-baking haddock-steaming halibut-grilling mackerel-barbecuing swordfish-skewering marlin-spearing shark-hunting whale-watching dolphin-swimming porpoise-diving seal-clubbing walrus-tusking polar bear-spotting penguin-waddling albatross-soaring gull-gliding tern-hovering puffin-nesting auk-diving guillemot-floating razorbill-perching cormorant-preening shag-groomed gannet-plunged petrel-flapped shearwater-winged skua-raided jaeger-looted fulmar-scavenged kittiwake-scanned redshank-waded greenshank-strutted sandpiper-probed curlew-whistled godwit-pecked dowitcher-fed knot-foraged snipe-sniped woodcock-woodland jack snipe-jacked great snipe-great sniped common sandpiper-common sandpiped green sandpiper-green sandpiped spotted redshank-spotted redshanked black-tailed godwit-black-tailed godwitted bar-tailed godwit-bar-tailed godwitted whimbrel-whimbrelled Eurasian curlew-Eurasian curlewed long-billed curlew-long billed curlewed Eskimo curlew-Eskimo curlewed little stint-little stinted Temminck's stint-Temminck's stinted pectoral sandpiper-pectoral sandpiped Baird's sandpiper-Baird's sandpiped sharp-tailed sandpiper-sharp tailed sandpiped broad-billed sandpiper-broad billed sandpipere.