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Opinion: Is the IMF More Socially Responsible Than Suriname’s Government?

Local Content Suriname

Opinion: Is the IMF More Socially Responsible Than Suriname’s Government?

The fact that the International Monetary Fund (IMF), not known for its social stance, is now openly pointing out the government’s policies as unsocial speaks volumes about the adjustment program the government is implementing. During the IMF delegation’s press conference, it was emphatically stated that the social program is lagging, and civil servant salaries are shockingly low. Now that even the IMF acknowledges this, the government may begin to understand why groups protest daily against low incomes and poor working conditions.

The government led by President Chandrikapersad Santokhi should be ashamed. Under the previous administration, President Bouterse initially engaged with the IMF because he believed the institution would be “more social than we thought.” Barely six months later, Bouterse terminated the IMF program, citing it as “cold and calculating.” According to him, the IMF did not consider Suriname’s political circumstances. However, did Bouterse also fail to consider the country’s socio-economic conditions?

Harsh IMF Program

The current government, represented by President Santokhi, claims that tough measures like abolishing subsidies on electricity, water, and fuel are taken as part of the IMF program. The IMF representative, Anastasia Guscina, does not deny this. However, the IMF also did not mention the open market operations (OMOs) that were part of the IMF reform program. The OMOs enriched a small group in society immensely in a very short time.

Due to the monetary financing of the OMOs, the Surinamese dollar (SRD) has depreciated by half, with almost SRD four billion pumped into the economy. Gasoline prices have soared due to subsidy abolishment, reducing the purchasing power of the same civil servants the IMF claims to protect by more than half.

Empty Promises

Nevertheless, the Palu believes that the IMF should not be solely blamed for the significant impoverishment since the current government took office. Successive political leaders should be held accountable for the profound impoverishment of the people. What becomes clear is that these political leaders seemingly give little thought to the development of our country.

This lack of a comprehensive development vision turns campaign promises into empty pledges after electoral victories. Due to a lack of such a vision, the IMF imposes harsh measures post-election wins, and these measures have provided little lasting solutions to our country’s financial and economic problems.

Own Options

Palu reiterates the stance that using our own options and possibilities could have prevented the substantial impoverishment of the Surinamese people. Rapidly collecting taxes that the previous government failed to collect could have at least paid off our debts. Savings from our own citizens could have funded production-stimulating measures, creating new employment opportunities for the youth. Simultaneously, increased exports of processed or unprocessed agricultural products could have earned Surinamese citizens US dollars, boosting the economy through their investments.

Palu

Source: https://dwtonline.com/is-het-imf-socialer-dan-onze-regering/

Date: 20 november 2023

Categories:  Columns, Economische Crisis, Economische Nieuws, Suriname 

Tags:  Anastasia Guscina, Employment Opportunities, Government Policies, International Monetary Fund, President Desi Bouterse 

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