IMF Programma Monitor

Dashboards

Ontwikkelingen en maatregelen van het IMF-programma in Suriname

Op onze pagina vind u een overzicht van de verschillende beleidsmaatregelen en de voortgang van het IMF-programma in Suriname.

Let op: dit is niet het officiële dashboard van het IMF en ook niet van onszelf. We hebben het dashboard op onze website geïntegreerd om de zichtbaarheid van de behaalde resultaten te vergroten.

Beleidsgebieden

Het IMF-programma in Suriname richt zich op verschillende beleidsgebieden om economische stabiliteit en groei te bevorderen. De belangrijkste beleidsgebieden zijn:

  • Financiële Hervormingen
  • Fiscale Consolidatie
  • Monetaire Beleidsmaatregelen
  • Structuurhervormingen

Overzicht met IMF maatregelen (Stand 01.06.2024)

BeleidsgebiedMaatregelStatusYearMonth
A. Monetair en wisselkoersbeleidFinalize the rules and prospectus, send to the IMF team, make an outreach to non-banks/etc to explain the rules, and publish on the CBVS’s website.Afgerond
A. Monetair en wisselkoersbeleidIMF team provides comments.Afgerond
A. Monetair en wisselkoersbeleidSend a draft circular to the IMF team.Afgerond
A. Monetair en wisselkoersbeleidSend the draft to the IMF team.Afgerond
A. Monetair en wisselkoersbeleidUnderstand NIR/NDA targets under the program.Afgerond
A. Monetair en wisselkoersbeleidUpdate 2022 FX cash flow projections for February-December 2022 every month and send to the IMF team.Afgerond
A. Monetair en wisselkoersbeleidSend to the IMF team FX cash flow projections, monthly for January-December 2022.Afgerond2022December
A. Monetair en wisselkoersbeleidDevelop rules and prospectus for auctions targeted at banks, non-banks, other companies, and individual investors.Afgerond
A. Monetair en wisselkoersbeleidSend to the Fund draft CBVS regulation/communication to describe how the CBVS will calculate the rate, to establish a daily fixing, and that the CBVS will discontinue the OTC sales of FX as of June 7.Afgerond
A. Monetair en wisselkoersbeleidSend to the IMF team data on all FX obligations of the CBVS to domestic entities (banks, etc) as of end-2020.Afgerond
A. Monetair en wisselkoersbeleidPublish on the CBVS website CBVS regulation/communication to describe how the CBVS will calculate the rate, to establish a daily fixing, and that the CBVS will discontinue the OTC sales of FX as of June 7.Afgerond
A. Monetair en wisselkoersbeleidUnify the official exchange rate with the parallel rate (by depreciating the official rate to the level of the parallel rate prevailing on the last business day before June 7).Afgerond
A. Monetair en wisselkoersbeleidCalculate the official exchange rate based on the exchange rates used in foreign exchange market transactions.Afgerond
A. Monetair en wisselkoersbeleidProvide to IMF team a written commitment that any FX spot transaction between the government and the CBVS will be executed by the CBVS within a 2% margin of either the 10:00 am or 12:00 pm weighted average exchange rate (or the weighted average exchange rate derived from the CBVS’s transactions via an FX auction on the days the auctions take place) that is established after the submission of such transaction to the CBVS for clearance. This commitment should be sent by an email from the Governor to the IMF mission chief.Afgerond
A. Monetair en wisselkoersbeleidEstablish competitive FX auctions for the CBVS to undertake selling of FX during periods of disorderly market conditions under the agreed rule and buying in case of larger inflows in the FX market.Afgerond
A. Monetair en wisselkoersbeleidDiscontinue FX/gold purchases (under the surrender requirements) by the CBVS or the government and direct FX sales by the CBVS or the government. Inform the IMF team.Afgerond
A. Monetair en wisselkoersbeleidSend to the IMF team CBVS’s FX cash flow projections, monthly for May 2021 – June 2022.Afgerond
A. Monetair en wisselkoersbeleidSend to the IMF team monthly inflation and reserve money targets for end-May through end-December 2021.Afgerond
A. Monetair en wisselkoersbeleidSend to the IMF team estimates of monthly volumes of SRD liquidity to be withdrawn using weekly issuance of certificates of deposits to achieve monetary targets.Afgerond
A. Monetair en wisselkoersbeleidPut in place a standing facility (to be priced based on the weighted average price of open-market operations plus a modest spread). Send a circular to the IMF team that this standing facility has been put in place on May 24. Issue this circular on May 31.Afgerond
A. Monetair en wisselkoersbeleidIntroduce partial reserve averaging for SRD reserve requirements with a one-month reserve averaging period. Send to the IMF team draft circular on May 24 and complete introduction by June 7.Afgerond
A. Monetair en wisselkoersbeleidConclude a MOU between the CBVS and MOF to formalize a regular data exchange arrangement between CBVS and MOF. The IMF team will provide a draft by May 17. Send the final MOU to the IMF team by May 31.Afgerond
A. Monetair en wisselkoersbeleidSet up weekly fixed quantity/variable rate auctions of certificates of deposits to withdraw SRD liquidity to achieve monetary targets. Allow nominal interest rates to clear markets. Send the system rules to the IMF team by May 31. Complete setting the system by June 7.Afgerond
A. Monetair en wisselkoersbeleidOperationalize the auction and inform the IMF team.Afgerond
A. Monetair en wisselkoersbeleidWork with the IMF team and agree on a design of these auctions.Afgerond
A. Monetair en wisselkoersbeleidSend to the IMF team a report that outlines elements of these auctions.Afgerond
A. Monetair en wisselkoersbeleidSend to the IMF team the FX auction rules signed by the Governor.Afgerond2023August
A. Monetair en wisselkoersbeleidSend to the IMF team FX cash flow and parallel exchange rate data, with a lag of no more than five business days.In uitvoering
A. Monetair en wisselkoersbeleidReport the FX purchases/sales by the CBVS and government to the IMF team.In uitvoering
A. Monetair en wisselkoersbeleidReport the weighted average official exchange rate calculated on the basis of all FX transactions in the market to the IMF team three times a day.In uitvoering
A. Monetair en wisselkoersbeleidReport the weighted average official exchange rate calculated on the basis of FX transactions conducted by the CBVS during FX auctions.In uitvoering
A. Monetair en wisselkoersbeleidReport the FX purchases/sales by the CBVS conducted by the CBVS during FX auctions.In uitvoering
B. FiscaalEliminating the untargeted fuel subsidies.Afgerond
B. FiscaalHave same language in the 2021 budget (from HP).Afgerond
B. FiscaalIncorporate comments from the IMF team.Afgerond
B. FiscaalIncorporate comments from the IMF team and Lazard team.Afgerond
B. FiscaalInform the IMF team via which vehicle this measure can be approved by Parliament (since this measure is not mentioned in the HP).Afgerond
B. FiscaalReceive approval from Parliament and inform the IMF team.Afgerond
B. FiscaalReceive Parliament approval and inform the IMF team.Afgerond
B. FiscaalReceive Parliament approval on the HP and inform the IMF team.Afgerond
B. FiscaalSend the amendments to Parliament and inform the IMF team.Afgerond
B. FiscaalProvide data on government expenditure on social assistance programs in 2020 to the IMF team.Afgerond
B. FiscaalRaise the sales tax for all goods and services to 12 percent.Afgerond
B. FiscaalCommence an audit on outstanding supplier arrears.Afgerond
B. FiscaalDevelop a term of reference, with technical assistance from international partners, for hiring specialists to audit outstanding supplier arrears.Afgerond
B. FiscaalIncrease in average tariffs by 25 percent by May 2022.Afgerond
B. FiscaalLegislation of the Supplementary 2022 Budget.Afgerond
B. FiscaalPass laws and issue relevant decrees if needed to expand the legal mandate of the debt management office (SDMO) to include the whole nonfinancial public sector, including all suppliers’ arrears, guarantees, and contingent liabilities.Afgerond
B. FiscaalPassage of laws needed to implement the VAT by the National Assembly.Afgerond
B. FiscaalPublish a time-bound plan to implement recommendations from technical assistance programs provided by the IMF to streamline treasury functions through the Treasury Single Account (TSA).Afgerond
B. FiscaalPublish on the Ministry of Social Affairs and Housing’s external website a monthly report detailing the number of households or individuals covered by each program in each district and the value of cash transfers made to recipients in each district under each program.Afgerond
B. FiscaalPublish September and October 2021 fiscal outturn.Afgerond2024January
B. FiscaalSubmit monthly data from the EBS on the agreed template from 2021.Afgerond
B. FiscaalShare EBS data on a monthly basis.In uitvoering
B. FiscaalCreate a large taxpayer unit to increase taxpayer compliance.In uitvoering
B. FiscaalImproving the existing medium-term fiscal framework.In uitvoering
B. FiscaalIssue State Decree to provide MoFP access to all bank accounts held by government entities at commercial banks.In uitvoering2023December
B. FiscaalPublish the audited financial reports for FY2017-FY2021 of the 10 largest state-owned enterprises by total assets and a report that identifies and quantifies the principal fiscal risks created by these enterprises.In uitvoering2023December
B. FiscaalRaise the royalty on multinational gold mining corporations to 7.5 percent (or raise applicable taxes and fees to a level that would yield additional revenue equivalent to raising the royalty rate to 7.5 percent).In uitvoering
C. StaatsschuldShare debt contracts with the IMF team.Afgerond
C. StaatsschuldPropose to the committee of external private creditors a comprehensive debt reduction plan and share it with the IMF team.Afgerond
C. StaatsschuldPropose to the external private creditors and bilateral creditors a comprehensive debt reduction plan and share it with the IMF team.Afgerond
C. StaatsschuldWork with all bilateral creditors to receive specific and credible assurances that they will provide debt relief in line with program parameters. Inform the IMF team when these assurances are secured so that the Fund can bilaterally engage with each bilateral creditor and verify the assurances.Afgerond
C. StaatsschuldSecure financing from IFIs (WB, laDB, and CDB) and inform the IMF team. Firm assurances for the next 12 months; and good prospects that they will provide financing through the end of the program (2024).Afgerond
C. StaatsschuldClear arrears to program financing IFIs (WB, laDB, CDB) and inform the IMF team. Ensure zero arrears going forward.Afgerond
C. StaatsschuldConfirm to the IMF team that there are no arrears.Afgerond
C. StaatsschuldMOF, SDMO, and CBVS to sign a Memorandum of Understanding detailing respective responsibilities and processes with respect to external debt payments.Afgerond2024January
D. Financiele sectorPublish monthly central government debt information in 2021 on the SDMO website.Afgerond
D. Financiele sectorCBVS and MoF operationalize the Financial Stability Committee.Afgerond2022January
D. Financiele sectorOperationalize a Bank Resolution Unit within the CBVS with appropriate governance arrangements, staffing, funding, and clear internal guidelines on how the unit would undertake crisis management and enforcement actions.Afgerond2022February
D. Financiele sectorFinalize the roadmap for financial sector restructuring and governance reform of banks.Afgerond2022May
D. Financiele sectorCBVS to share with the IMF team request for proposal and information on procurement process for the advisor.Afgerond
D. Financiele sectorCBVS to supply data requested data to the IMF team requested April 13 for IMF feedback.Afgerond
D. Financiele sectorSubmit to the State Council the Credit Institutions Resolution Act to increase CBVS’ powers and tools for early intervention, recovery, and resolution of financial institutions.Afgerond2022February
D. Financiele sectorUndertake full asset quality review for the two largest (by assets size) banks (drawing on the expertise of an internationally reputable specialist firm).Afgerond2022September
D. Financiele sectorCBVS to provide to the IMF team a plan for intensifying supervision for largest banks including reporting requirements.Afgerond
D. Financiele sectorSubmit the revised Banking and Credit Supervision Act to the State Council to facilitate risk-based supervision through expanding CBVS’ assessment powers to determine bank compliance with regulatory requirements.Afgerond2022February
D. Financiele sectorUndertake full asset quality review for the remaining banks (drawing on the expertise of an internationally reputable specialist firm).Afgerond2022December
D. Financiele sectorAgree on a final plan for intensified supervision and reporting requirements and send to the IMF team.Afgerond
D. Financiele sectorCBVS to inform the IMF team on selection of successful bidder.Afgerond
D. Financiele sectorCBVS and advisor to submit first draft of TOR to the IMF team.Afgerond
D. Financiele sectorIncorporate comments from the IMF team and send a final TOR to the IMF team.Afgerond
E. BestuurConclude a MOU between the CBVS and MOF to end new gross central bank financing of the government. The IMF team will provide a draft by May 17.Afgerond
E. BestuurNational Assembly to pass amendments that are in line with IMF staff recommendations, to inter alia, (i) clarify and strengthen the mandate; (ii) bring CBVS’ institutional, financial, and personal autonomy into line with international best practice; (iii) increase transparency, accountability and oversight; (iv) define clear requirements on accounting, profit distribution, reserves and eventual recapitalization of the CBVS and (v) introduce strict limits on monetary financing (with transitional rules).Afgerond
E. BestuurConduct special audits of program monetary data (net international reserves and net domestic assets of the CBVS) to verify the December 2021 performance criteria, and share the report with the IMF team.Afgerond2022February
E. BestuurPublish on the CBVS’s external website the FY 2019 audited financial statement.Afgerond2022March
E. BestuurThe CBVS to co-source the internal audit function to a qualified expert firm based on TOR prepared in consultation with IMF staff (to commence internal auditing and advance its development).Afgerond
E. BestuurThe government to request the National Assembly’s approval of the ratification of the United Nations Convention Against Corruption. Inform the IMF team.Afgerond
E. BestuurRatify the United Nations Convention Against Corruption.Afgerond2022January
E. BestuurPublish on the CBVS’s external website the FY 2016-2018 audited financial statements.Afgerond
E. BestuurPrepare a draft TOR for special audits.Afgerond
E. BestuurPrepare a TOR.Afgerond
E. BestuurSend a draft GRIP to the IMF team.Afgerond
E. BestuurFinalize the TOR and send it to the IMF team.Afgerond
E. BestuurProvide a list of possible firms to the IMF team.Afgerond
E. BestuurThe Board of the CBVS to adopt the GRIP. Inform the IMF team.Afgerond
E. BestuurHire an auditor to conduct special audits and inform the IMF team.Afgerond
E. BestuurMonitor SRD MO targets.Afgerond
E. BestuurSend to the IMF team a table with daily reserve requirements once a week.Afgerond
E. BestuurDevelop an ELA framework to provide emergency liquidity to banks.Afgerond
E. BestuurEstablish an electronic trading platform for inter-bank/cambio FX trading.Afgerond
E. BestuurPublish the GRIP.Afgerond
E. BestuurComplete special audits and send the final report to the IMF team.Afgerond
F. OverigeAgree the MOU draft with IMF team.Afgerond
F. OverigeThe Minister of Finance and the Governor of CBVS to sign the MOU IMF budget financing.Afgerond
F. OverigeConclude a MOU between the CBVS and MOF on IMF budget financing. Finalize the circular and post it on the CBVS’s website.Afgerond
F. OverigeReport the OMO and SRD MO data to the IMF team at the end of each week.In uitvoering
F. OverigeSend to the IMF team FX cash flow and parallel exchange rate data, with a lag of no more than five business days.In uitvoering
F. OverigeRemunerate SRD reserve requirements based on market interest rates. Report the data to the IMF team on a weekly basis.In uitvoering2022June
F. OverigeReport the weighted average official exchange rate calculated on the basis of all FX transactions in the market to the IMF team three times a day.In uitvoering
F. OverigeReport the weighted average official exchange rate calculated on the basis of FX transactions conducted by the CBVS during FX actions.In uitvoering
F. OverigeReport the FX purchases/sales by the CBVS and government to the IMF team.In uitvoering
F. OverigeReport the FX purchases/sales by the CBVS conducted by the CBVS during FX auctions.In uitvoering2023September
B. FiscaalShare EBS data on a monthly basis.In uitvoering
B. FiscaalCreate a large taxpayer unit to increase taxpayer compliance.In uitvoering
B. FiscaalImproving the existing medium-term fiscal framework.In uitvoering
B. FiscaalIssue State Decree to provide MoFP access to all bank accounts held by government entities at commercial banks.In uitvoering2023December
B. FiscaalPublish the audited financial reports for FY2017-FY2021 of the 10 largest state-owned enterprises by total assets and a report that identifies and quantifies the principal fiscal risks created by these enterprises.In uitvoering2023December
B. FiscaalRaise the royalty on multinational gold mining corporations to 7.5 percent (or raise applicable taxes and fees to a level that would yield additional revenue equivalent to raising the royalty rate to 7.5 percent).In uitvoering
F. OverigeReport the OMO and SRD MO data to the IMF team at the end of each week.In uitvoering
F. OverigeSend to the IMF team FX cash flow and parallel exchange rate data, with a lag of no more than five business days.In uitvoering
F. OverigeRemunerate SRD reserve requirements based on market interest rates. Report the data to the IMF team on a weekly basis.In uitvoering2022June
F. OverigeReport the weighted average official exchange rate calculated on the basis of all FX transactions in the market to the IMF team three times a day.In uitvoering
F. OverigeReport the weighted average official exchange rate calculated on the basis of FX transactions conducted by the CBVS during FX actions.In uitvoering
F. OverigeReport the FX purchases/sales by the CBVS and government to the IMF team.In uitvoering
F. OverigeReport the FX purchases/sales by the CBVS conducted by the CBVS during FX auctions.In uitvoering2023September
B. FiscaalRetain low social tariff for economically vulnerableIn uitvoering2022December
C. StaatsschuldShare monthly debt data on the agreed template with IMF staffIn uitvoering
C. StaatsschuldWork with private creditors to ensure adequate assurances that the private external debt restructuring has good prospects to be successful. Send these assurances to the IMF team.In uitvoering
C. StaatsschuldConfirm to the IMF team that there are no arrearsIn uitvoering
C. StaatsschuldCommence monthly publication on the SDMO’s website, providing data on the full scope of public sector obligations.In uitvoering2023June
D. Financiele sectorCBVS, in consultation with the IMF, set common equity tier one and capital adequacy ratio targets for banks with capital shortages and outline corrective measures if CET1/Car targets are breached.In uitvoering2024March
D. Financiele sectorWeekly data submissions: Monitoring Template IMF (Deposits, Liquid assets held by banks), Liquidity Coverage Templates, Net Open Position TemplateIn uitvoering
D. Financiele sectorBi-weekly data submissions: Financial sector data related to FSIs as required in the Enhanced Supervision template v.2In uitvoering
D. Financiele sectorMonthly data submissions: Information on interconnectedness of the financial sector and related party lending, measures taken by banks during COVID-19, deposit funding structure, banks’ claims on government and State-owned Entities, monthly returns to CBVS, update on Asset Quality Review, projections on banks’ balance sheets and P&L statements.In uitvoering
D. Financiele sectorCBVS and MOF agree on a governance framework for state-owned banks.In uitvoering2023December
D. Financiele sectorDevelop a time-bound plan for the recapitalization and restructuring of banks.In uitvoering2023December
E. BestuurEnact the new procurement law to centralize and mandate the publication of all public procurement tenders and contract awards, including names of awarded entities and their beneficial owners.In uitvoering2024March
E. BestuurReview the Foreign Exchange Regulation and align it with the new CBVS Act, submit legislative amendments, and work with the Foreign Exchange Commission to ensure compliance.In uitvoering2024March
E. BestuurEnact the new procurement law to centralize the publication of all tenders and contract awards and expand the Integrated Financial Management Information System.In uitvoering2023June
E. BestuurUndertake an assessment of the CBVS’s policy solvency and capital adequacy to establish the size of the capital shortfallIn uitvoering2022June
E. BestuurPublish on the CBVS’s external website the FY 2020-2021 audited IFRS financial statements.In uitvoering2024March
E. BestuurDevelop a time-bound plan for the CBVS’s recapitalization agreed between the CBVS and the government.In uitvoering2024March
E. BestuurAmend the AML/CFT law and other relevant laws and regulations to align with FATF standards, operationalize the Anti-Corruption Commission, and adopt an operational framework.In uitvoering2023May
E. BestuurMandate the publication of all public procurement contracts on a government website.In uitvoering2023September
E. BestuurPublish on the CBVS’s external website the FY 2022 audited IFRS financial statements.In uitvoering2024March
E. BestuurSubmit a legislative amendment to the Foreign Exchange Regulation 1947 to the National Assembly to rectify any misalignment with the amended Central Bank Act 2022.In uitvoering2023December
F. OverigeThe government to sell net FX receipts to the CBVS only, at the prevailing market exchange rate, and receive a counterpart deposit in domestic currency.In uitvoering
F. OverigeEstablish an electronic trading platform for inter-bank/cambio FX trading, with expanded scope to cover bank/cambio trading with gold exporters.In uitvoering2023September
F. OverigeFully repay domestic debt arrearsIn uitvoering2024March
A. Monetair en wisselkoersbeleidMonitor NIR/NDA targets.In uitvoering
OverigEnsure all customers who qualify for the means-tested cash transfers from the Ministry of Social Affairs are receiving the social tariff.In uitvoering
OverigIncorporate comments from the IMF teamIn uitvoering
OverigInform the IMF team via which vehicle this measure can be approved by Parliament (since this measure is not mentioned in the HP)In uitvoering
OverigIssue a relevant decree/circular to the public and inform the IMF teamIn uitvoering
OverigPublish recommendations on improving the process of revenue collection from small-scale gold minersIn uitvoering2022April
OverigReceive Parliament approval and inform the IMF teamIn uitvoering
OverigShare a draft of a relevant document with the IMF teamIn uitvoering
OverigShare aggregate statistics on the Vulnerable Customer list identified by the EAS and estimates of the social tariff subsidies to IMF StaffIn uitvoering
OverigCreate a public investment and Public-Private Partnership (PPP) unit within the Ministry of FinanceIn uitvoering2023June
OverigIssue a resolution to clarify that the government will not be responsible for contracts agreed with line ministries that have no prior authorization from the MOFIn uitvoering2024April
OverigMandate all line ministries to report the stock of arrears to MOFIn uitvoering2024June
OverigMandate that all tax declarations and transactions use a Fiscal Identification NumberIn uitvoering2024June
OverigProvide government expenditure on the major cash transfer programs in 2021In uitvoering
OverigPublish a time-bound reform plan to improve the custom processes.In uitvoering
OverigPublish a time-bound reform plan to improve the tax administration processes.In uitvoering
OverigPublish an employment rationalization strategy paperIn uitvoering
OverigPublish annually audited central government financial statements for FY17 to FY21In uitvoering2023December
OverigReview the social protection public expenditure and publish a time-bound strategic plan to improve the efficiency and effectiveness of social benefitsIn uitvoering
E. BestuurAmend the FX surrender regulations to redirect FX sales to banks (instead of to the CBVS), and to remove FX surrender requirements for cambios.In uitvoering2022March
E. BestuurAmend the Anti-Corruption legal framework to criminalize acts of corruptionIn uitvoering2024June
E. BestuurAmend the Anti-Corruption legal framework to create a requirement for the income and asset declarations of politically exposed persons, the routine verification of these declarations, and the establishment of proportionate sanctions for non-compliance.In uitvoering2024September
E. BestuurConduct special audits of program monetary dataIn uitvoering2024May
F. OverigePublish quarterly budget execution reportIn uitvoering2024March