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At the staff level, the International Monetary Fund (IMF) and the Surinamese authorities have reached an agreement on the seventh review of the economic recovery program supported by the extended fund loan. If the IMF Board approves the review, Suriname will receive about $62.5 million. After seven withdrawals from the fund, Suriname will have borrowed a total of about $451.2 million.
The assessment took place from July 29 to August 8. The IMF team was again led by Anastasia Guscina. She said in a statement that the performance of the project was generally satisfactory. “The authorities’ efforts to stabilize the economy are yielding positive results: the economy is growing, inflation is on a steady downward trend, international bond spreads are at record lows, and investor confidence is recovering.”
The authorities’ main short-term policy priority remains maintaining fiscal discipline, particularly in the run-up to elections, while protecting the poor and vulnerable. “It is also critical to implement structural reforms to strengthen institutions and improve governance.”
IMF official Gusina said that all quantitative targets of the seventh review have been achieved except for the main balance sheet target. “The authorities are taking corrective measures to achieve the basic balance sheet target by the end of the year. Structural reforms are making progress with stronger momentum.”
“The authorities must continue to implement an ambitious structural reform agenda to strengthen institutions and governance,” she added. The authorities established the CBvS Executive Council and Executive Committee to help strengthen its governance.
“The CBvS continues to make progress in clearing its financial statement backlog and regularizing its audit cycle. The Ministry of Finance and Planning and the CBvS are close to finalizing the central bank’s recapitalization plan.” The IMF said it was also important to continue with broader governance reforms in the areas of anti-money laundering/counter-financing of terrorism (AML/CFT), anti-corruption, and public procurement.
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