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IMF Raises Concerns Over Suriname’s Social Program

IMF Urges Suriname Government to Enhance Social Safety Nets Amidst Rising Unrest

IMF Raises Concerns Over Suriname’s Social Program

The government’s efforts to implement measures, such as reducing subsidies leading to significant price hikes, have been deemed insufficient in supporting society. The current social program is criticized for its lackluster performance and lack of transparency, resulting in growing social unrest. These concerns were raised by Anastasia Guscina, the leader of the IMF delegation in Suriname, at a press conference held at the Ministry of Finance and Planning.

While addressing the progress of the IMF program, Guscina, along with Maurits Roemer, the Governor of the Central Bank, and Minister Stanley Raghoebarsingh of Finance and Planning, acknowledged overall stability in the economy, including a stable exchange rate and an expected decrease in inflation. However, crucial aspects such as debt restructuring with bondholders and Chinese creditors remain unresolved. Guscina emphasized that despite these positive indicators, the general populace has yet to experience this stability.

Suriname has achieved commendable results overall, paving the way for a favorable IMF review and the release of another tranche of the IMF loan. Nevertheless, Guscina highlighted the disappointing outcomes in social protection, stressing that it should have been a priority. She emphasized that when the IMF recommended eliminating subsidies on fuel and electricity, simultaneous support for the population through a social protection program should have been ensured. The IMF now urges the government to increase spending in this area.

The performance in social protection has been subpar, according to the IMF representative. More concerted efforts are needed to achieve year-end goals, ensuring that financial assistance reaches the intended recipients without losing value due to inflation. Guscina stated that discussions with the president have taken place, and he is committed to addressing the situation earnestly.

Furthermore, the IMF has called for greater transparency in social spending. Guscina emphasized the need for the Ministry of Social Affairs to publish information on their website, detailing the number of households in different districts receiving payments. Clear eligibility criteria should be explained, allowing people to understand why they might be ineligible despite thinking otherwise. Accountability in the allocation of funds is essential, she added.

When questioned about the connection between the inadequate social program and the escalating social unrest, Guscina affirmed the relationship, emphasizing the need for a balance that has not been achieved. Concerns within the labor movement have been mounting due to government measures being implemented without the necessary safety nets. Consequently, these concerns are fueling a protest march, uniting various unions from different sectors in expressing their discontent.

Source: https://www.starnieuws.com/index.php/welcome/index/nieuwsitem/78370

Date: 9 november 2023

Categories:  Economische Crisis, Economische Nieuws 

Tags:  Anastasia Guscina, Government Spending, Inflation, International Monetary Fund, Maurits Roemer, Social Programs 

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