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IMF Delegation visits Suriname for Progress Discussions

IMF Delegation Reviews Suriname’s Economic Progress and Reform Initiatives

IMF Delegation visits Suriname for Progress Discussions

A delegation of nine individuals from the International Monetary Fund (IMF), led by Anastasia Guscina, is currently in Suriname for the fourth time to discuss the progress of the Extended Fund Facility program. Policy discussions started on November 1st and will continue until November 8th. The Surinamese delegation is led by Minister Stanley Raghoebarsing of Finance and Planning.

In December 2021, Suriname and the IMF agreed on a 36-month program. The aim of the program is to support the government’s Recovery Plan. To achieve this goal, the government must consolidate and restructure its budget and debt position.

Additionally, the government must implement a social program to protect vulnerable individuals. The government also needs to improve its monetary and exchange rate policies, address the vulnerability of the financial sector, and make progress in the areas of anti-corruption and good governance.

Originally, $688 million was approved for the program. This amount has been reduced to $516 million due to Suriname missing some reviews. Suriname has received $156 million so far. With a positive assessment of the current review, Suriname will receive an additional $52 million. These funds will help stabilize the exchange rate and maintain foreign exchange reserves.

The IMF delegation will discuss the progress of public sector reform with the Minister of Interior. A cluster of five ministers – Social Affairs and Housing, Public Health, Labor, Employment and Youth Affairs, Interior, and Finance and Planning – will discuss the social program. The Minister of Agriculture, Animal Husbandry, and Fisheries will be interviewed regarding agricultural policy.

Various discussions will be held with the Minister of Finance and Planning on the progress of the program. Talks will also take place with the Central Bank of Suriname (CBvS), various banks, and exchange offices about the financial sector and exchange rates. Discussions with the CBvS will also cover the new Banking Act, monetary policy, and the reforms included therein.

Meetings will be held with the State Debt Management Bureau to discuss the status of debt restructuring. Additionally, there will be a meeting with the Anti-Corruption Commission to discuss its activities and progress. Discussions with the Central National Accountants Service (CLAD) will focus on the activities of this institution and the progress of audits.

The conversation with the Suriname Economic Oversight Board deserves special mention. This entity monitors the implementation of the IMF program from the business and civil society perspectives. At the end of the visit, meetings will be held with the leadership of the National Assembly, the Vice President, and the President. A joint press conference on the visit will be held on Wednesday, November 8th.

Source: https://www.srherald.com/suriname/2023/11/04/imf-delegatie-in-suriname-voor-voortgangsbesprekingen/

Date: 5 november 2023

Categories:  Economische Crisis, Economische Nieuws, Staatsschuld 

Tags:  Anastasia Guscina, Central Bank of Suriname, Exchange Rate, Good Governance, International Monetary Fund, Minister Stanley Raghoebarsing, Overheid Suriname, Press Conferences, Social Programs 

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