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IMF Approves Fourth Review of Suriname’s Extended Fund Facility

Suriname’s Economic Stability Strengthened as IMF Extends Program and Boosts Access to $577 Million

IMF Approves Fourth Review of Suriname’s Extended Fund Facility

The Executive Board of the IMF has completed the fourth review under the Extended Fund Facility (EFF) arrangement for Suriname, enabling an immediate disbursement of approximately US$53 million. The Board has also approved the authorities’ request to extend the program until March 2025 and increase access by about $63 million. With this expansion, the total access under the EFF arrangement will be approximately US$577 million.

Budgetary discipline and a tight monetary policy have contributed to the long-awaited stability, according to an IMF statement. The economy is growing, inflation is decreasing, and investor confidence is returning. The authorities have completed the private debt exchange and are on the verge of reaching agreements with all remaining creditors.

The authorities’ short-term priority is to maintain prudent fiscal policies while protecting the most vulnerable, sustaining the momentum of structural reforms, and preventing policy reversal.

“The authorities’ implementation of challenging reforms in a demanding political and socio-economic environment is commendable. These reforms include the complete elimination of fuel subsidies, the gradual phasing out of electricity subsidies, limiting wage payments to unregistered public employees, and broadening the VAT base,” said Kenji Okamura, Deputy Director and Acting Chair of the Executive Board after the discussion on Suriname.

Source: https://www.starnieuws.com/index.php/welcome/index/nieuwsitem/78907

Date: 15 December 2023

Categories:  Economic Crisis, International News, National Debt, Suriname 

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