The International Monetary Fund (IMF) Executive Board has completed the ninth and final review under the Extended Fund Facility (EFF) arrangement with Suriname. This decision allows Suriname to draw SDR 46.8 million, approximately USD 62 million, bringing total disbursements under the program to SDR 430.7 million, about USD 572 million. The board also approved a waiver for non-observance of certain performance criteria due to corrective actions taken by Suriname.
Suriname's EFF arrangement was initially approved on December 22, 2021, for an amount equivalent to SDR 472.8 million. The program aimed at restoring macroeconomic stability and debt sustainability while fostering inclusive growth. Key focus areas included fiscal and debt sustainability, protection of vulnerable populations, monetary policy upgrades, banking sector reforms, and anti-corruption measures.
Kenji Okamura, Deputy Managing Director and Acting Chair of the IMF Executive Board, stated: "The authorities’ reforms under the EFF-supported program—the first ever to be completed by Suriname—are increasingly bolstering macroeconomic stability and investor confidence."
He emphasized the importance of establishing robust institutional frameworks in light of Suriname's oil resources development: "In view of the Final Investment Decision for the country’s oil resources, it is critical to put in place robust institutional frameworks."
Okamura highlighted priorities such as maintaining debt reduction efforts while protecting vulnerable groups: "The near-term priority is to maintain the path for debt reduction while protecting the vulnerable from the burden of the adjustment."
Regarding monetary policy and financial management, he noted: "A restrictive monetary policy is supporting disinflation... The authorities’ demonstrated commitment to a flexible, market-determined exchange rate is supporting international reserve accumulation."
He concluded by urging continued structural reforms: "The authorities should persevere with their ambitious structural reform agenda to strengthen institutions... This important work will continue to be supported by capacity development from the Fund and other development partners."