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

July 31, 2024

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International Monetary Fund. Western Hemisphere Dept. "Suriname: Sixth Review Under the Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Suriname", IMF Staff Country Reports 2024, 254 (2024), accessed November 21, 2024, https://doi.org/10.5089/9798400285738.002

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Summary

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.

Subject: Arrears, Domestic debt, Energy subsidies, Expenditure, External debt, Public debt

Keywords: Address governance weakness, Arrears, Banking sector vulnerability, Caribbean, Domestic debt, Energy subsidies, FX trading platform, Governance agenda, Government T-bill exposure, Policy outlook, Policy reform, State oil company, Surinamese authorities

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