{
  "title": "IMF Executive Board Approves Extended Arrangement Under the Extended Fund Facility for Suriname",
  "publication": "IMF News, December 22, 2021",
  "sourceUrl": "https://www.imf.org/en/news/articles/2021/12/22/pr21400-imf-executive-board-approves-extended-arrangement-under-the-extended-fund-facility-suriname",
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  "summary": "Approved: 36-month arrangement under the Extended Fund Facility (EFF) for Suriname.",
  "publishDate": "2021-12-22",
  "sections": [
    {
      "heading": "Arrangement overview",
      "content": "- Approved: 36-month arrangement under the Extended Fund Facility (EFF) for Suriname.\n- Amount: SDR 472.8 million (about US$688 million or 366.8 percent of quota).\n- Immediate disbursement enabled: SDR 39.4 million (about US$55.1 million)."
    },
    {
      "heading": "Program objectives and key policy measures",
      "content": "- Primary aims:\n  - Restore fiscal sustainability.\n  - Protect the vulnerable by expanding social safety net programs.\n  - Bring public debt down to sustainable levels.\n  - Upgrade the monetary and exchange rate policy framework.\n  - Stabilize the financial system.\n  - Strengthen institutional capacity to tackle corruption and money laundering and improve governance.\n- Fiscal consolidation:\n  - Discretionary fiscal consolidation of 10 percent of GDP during 2021-24.\n  - Fiscal reforms include eliminating costly and poorly targeted electricity price subsidies and introducing a value added tax as a source of non-mineral revenue.\n  - Strengthening of the social safety net to soften negative impacts on the most vulnerable.\n  - To achieve debt sustainability, authorities are negotiating debt relief from private and official creditors in line with program parameters.\n- External and monetary measures:\n  - Move to a market-determined exchange rate to strengthen resilience to external shocks and rebuild foreign reserves.\n  - Tighten liquidity conditions to reduce inflation.\n  - Adopt a reserve money targeting framework and roll out open market operations to support returning inflation to single digits.\n- Financial sector and governance:\n  - Central Bank of Suriname to address rising banking sector risks related to the exchange rate shift.\n  - Implement structural reforms to improve institutional capacity for macroeconomic policies, maintain financial sector stability, tackle corruption, and strengthen AML/CFT and governance.\n  - Technical assistance to be provided by development partners including the IMF, the Inter-American Development Bank, and the World Bank Group."
    },
    {
      "heading": "Kristalina Georgieva — Summary of statement",
      "content": "- Diagnosed problems:\n  - Systemic fiscal and external imbalances from many years of economic mismanagement.\n  - COVID-19 pandemic exacerbated substantial fiscal and external current account deficits, unsustainable public debt, run-down of reserves, economic downturn, and high inflation.\n- Program rationale:\n  - Restore macroeconomic stability and confidence, and pave the way to economic recovery while protecting the most vulnerable.\n  - Fiscal consolidation is critical to restore “fiscal and external stability.”\n  - Exchange rate flexibility and program catalytic effects on external financing expected to increase foreign reserves to prudent levels.\n  - Structural reforms are essential for a more prosperous future."
    },
    {
      "heading": "Selected Economic and Social Indicators (Est./Proj.)",
      "content": "(Annual percentage change, unless otherwise indicated)\n\n- Real sector\n  - Real GDP Growth: 2020: -15.9, 2021: -3.5, 2022: 1.8\n  - Nominal GDP Growth: 2020: 21.8, 2021: 46.7, 2022: 38.6\n  - Consumer prices (end of period): 2020: 60.7, 2021: 58.3, 2022: 25.8\n  - Consumer prices (period average): 2020: 34.9, 2021: 58.6, 2022: 37.9\n\n- Money and credit\n  - Broad money: 2020: 65.0, 2021: 49.6, 2022: 28.0\n  - Private sector credit: 2020: 27.1, 2021: 38.5, 2022: 26.9\n\n- Central government (In percent of GDP, unless otherwise indicated)\n  - Revenue and grants: 2020: 18.4, 2021: 24.1, 2022: 26.6\n  - Of which : Mineral revenue: 2020: 6.5, 2021: 11.2, 2022: 12.6\n  - Total expenditure: 2020: 31.8, 2021: 32.0, 2022: 30.8\n  - Overall Balance (Net lending/borrowing): 2020: -13.4, 2021: -7.9, 2022: -4.1\n  - Primary Balance: 2020: -9.7, 2021: -1.3, 2022: 1.7\n  - Central government debt: 2020: 147.7, 2021: 128.9, 2022: 128.5\n    - Domestic: 2020: 53.4, 2021: 40.6, 2022: 38.8\n    - External: 2020: 94.3, 2021: 88.2, 2022: 89.7\n\n- External sector\n  - Current account balance: 2020: 9.0, 2021: 4.1, 2022: -0.9\n  - Capital and financial account: 2020: 6.6, 2021: -1.0, 2022: 3.1\n\n- Memorandum Items\n  - Gross international reserves (US$ millions): 2020: 585, 2021: 968, 2022: 1,421\n  - In months of imports: 2020: 3.5, 2021: 5.8, 2022: 7.7\n  - Usable gross international reserves (US$ millions) 1/: 2020: 118, 2021: 501, 2022: 955\n  - Usable reserves in months of imports: 2020: 0.7, 2021: 3.0, 2022: 5.2\n  - Official exchange rate (SRD per US$, (Average): 2020: 9.3, 2021: …\n\n- Sources listed in the document: Suriname authorities; UNDP HD Report, and IMF staff estimates and projections.\n- Note 1/: Excluding the PBOC swap and ring-fenced banks' FX required reserves.\n\nInformation from IMF press release, December 22, 2021.\n\n---\n\n Content in this bundle\n\n- IMF Executive Board keurt Extended Arrangement onder de Extended Fund Facility voor Suriname goed\n  - IMF Executive Board keurt Extended Arrangement onder de Extended Fund Facility voor Suriname goed (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - IMF Executive Board keurt Extended Arrangement onder de Extended Fund Facility voor Suriname goed (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Suriname and the IMF\n- The IMF and Good Governance -- A Factsheet\n- Special Drawing Rights (SDRs) -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2021/12/22/pr21400-imf-executive-board-approves-extended-arrangement-under-the-extended-fund-facility-suriname"
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    "Published: December 22, 2021",
    "Approved: 36-month arrangement under the Extended Fund Facility (EFF) for Suriname.",
    "Amount: SDR 472.8 million (about US$688 million or 366.8 percent of quota).",
    "Immediate disbursement enabled: SDR 39.4 million (about US$55.1 million).",
    "Primary aims:",
    "Fiscal consolidation:",
    "External and monetary measures:",
    "Financial sector and governance:",
    "Diagnosed problems:",
    "Program rationale:",
    "Real sector",
    "Money and credit",
    "Central government (In percent of GDP, unless otherwise indicated)",
    "External sector",
    "Memorandum Items",
    "Sources listed in the document: Suriname authorities; UNDP HD Report, and IMF staff estimates and projections.",
    "Note 1/: Excluding the PBOC swap and ring-fenced banks' FX required reserves.",
    "**IMF Executive Board keurt Extended Arrangement onder de Extended Fund Facility voor Suriname goed**",
    "[Suriname and the IMF](http://www.imf.org/external/country/SUR/index.htm)",
    "[The IMF and Good Governance -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/the-imf-and-good-governance)",
    "[Special Drawing Rights (SDRs) -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/special-drawing-rights-sdr)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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      "title": "IMF Executive Board keurt Extended Arrangement onder de Extended Fund Facility voor Suriname goed",
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