{
  "title": "IMF Executive Board Completes Fourth Review Under the Extended Fund Facility Arrangement for Suriname",
  "publication": "IMF News, December 15, 2023",
  "sourceUrl": "https://www.imf.org/en/news/articles/2023/12/15/pr23456-imf-completes-fourth-review-under-the-eff-suriname",
  "canonical": "https://www.imf.org/en/news/articles/2023/12/15/pr23456-imf-completes-fourth-review-under-the-eff-suriname",
  "overlayPath": "/en/news/articles/2023/12/15/pr23456-imf-completes-fourth-review-under-the-eff-suriname/index.md",
  "summary": "The IMF Executive Board completed the fourth review under the Extended Fund Facility (EFF) arrangement for Suriname, allowing for an immediate purchase equivalent to SDR 39.4 million (about US$ 53 million).",
  "publishDate": "2023-12-15",
  "sections": [
    {
      "heading": "Review outcome and financing decisions",
      "content": "- The Executive Board completed the fourth review under the Extended Fund Facility (EFF) arrangement for Suriname, allowing an immediate purchase equivalent to SDR 39.4 million (about US$ 53 million).\n- The Board approved the authorities’ request for an extension of the arrangement until March 2025.\n- The Board approved an augmentation of access equivalent to SDR 46.8 million (about US$ 63 million).\n- Total purchase under the EFF arrangement following this review reached SDR 197 million (about US$263 million).\n- With the augmentation, the total access expected under the EFF arrangement is SDR 430.7 million (about US$ 577 million)."
    },
    {
      "heading": "Economic stabilization and policy priorities",
      "content": "- Fiscal discipline and tight monetary policy are delivering stability: the economy is growing, inflation is declining, and investor confidence is returning.\n- Authorities completed a private debt exchange and are close to concluding agreements with remaining creditors.\n- Near-term priorities for the authorities:\n  - Maintain fiscal prudence while protecting the most vulnerable.\n  - Preserve structural reform momentum and avoid policy backtracking.\n  - Ensure the 2025 budget is consistent with the 3.5 percent of GDP primary balance target (medium-term debt sustainability anchor)."
    },
    {
      "heading": "Program objectives and reform agenda",
      "content": "- The EFF-supported program aims to:\n  - Restore fiscal and debt sustainability through fiscal consolidation and debt restructuring.\n  - Protect the vulnerable by expanding social protection.\n  - Upgrade the monetary and exchange rate policy framework.\n  - Address financial sector vulnerabilities.\n  - Advance anti-corruption and governance reforms.\n- Noted reforms already implemented:\n  - Complete elimination of fuel subsidies.\n  - Gradual phasing out of electricity subsidies.\n  - Curtailing wage payments to unregistered public servants.\n  - Broadening the VAT base.\n- Monetary and financial sector actions:\n  - Monetary policy stance described as appropriately tight, helping ease inflationary pressures.\n  - Commitment to a flexible, market-determined exchange rate is supporting accumulation of international reserves.\n  - Swift implementation of the new Central Bank Act and finalization of its recapitalization plan recommended to strengthen operational independence and financial autonomy.\n  - Continued actions needed to address banking system vulnerabilities, including stronger oversight and finalizing assessment of the government-owned bank’s recapitalization plan.\n- Governance and institutional priorities:\n  - Continue structural reforms to strengthen institutions, governance, and data quality with capacity-building support from the Fund and development partners.\n  - Pursue measures to strengthen anti-corruption and AML/CFT frameworks and ensure alignment with international standards."
    },
    {
      "heading": "Highlights from the Executive Board statement (Kenji Okamura, Deputy Managing Director and Acting Chair)",
      "content": "- Authorities have shown continued commitment to fiscal discipline and macroeconomic stabilization under the EFF-supported program.\n- The economy is stabilizing, pressures on the exchange rate have eased, and inflation is on a downward trend.\n- A more gradual path of fiscal consolidation than planned at the previous review will:\n  - Help protect the still fragile recovery.\n  - Increase support for the poor and vulnerable.\n  - Prevent further erosion in real wages for registered civil servants.\n  - Scale up growth-enhancing investment.\n- Excellent progress noted on debt restructuring:\n  - Debt exchange with private bondholders finalized with high participation rate.\n  - Agreement in principle at the technical level reached with Exim China and is under internal approval process for signature."
    },
    {
      "heading": "Selected Economic Indicators (annual percentage change, unless otherwise indicated)",
      "content": "- Real GDP Growth:\n  - 2022: 2.4\n  - 2023: 2.1\n  - 2024 (Proj.): 3.0\n- Nominal GDP Growth:\n  - 2022: 47.3\n  - 2023: 55.9\n  - 2024 (Proj.): 22.5\n- Consumer prices (end of period):\n  - 2022: 54.6\n  - 2023: 39.3\n  - 2024 (Proj.): 14.9\n- Consumer prices (period average):\n  - 2022: 52.4\n  - 2023: 52.9\n  - 2024 (Proj.): 21.1\n- Broad money:\n  - 2022: 45.1\n  - 2023: 22.8\n  - 2024 (Proj.): 14.0\n- Private sector credit:\n  - 2022: 65.7\n  - 2023: 26.1\n  - 2024 (Proj.): 13.8"
    },
    {
      "heading": "Selected fiscal and debt indicators (In percent of GDP, unless otherwise indicated)",
      "content": "- Revenue and grants:\n  - 2022: 26.8\n  - 2023: 25.7\n  - 2024 (Proj.): 25.4\n- Of which: Mineral revenue:\n  - 2022: 14.3\n  - 2023: 10.8\n  - 2024 (Proj.): 9.9\n- Total expenditure:\n  - 2022: 29.5\n  - 2023: 26.7\n  - 2024 (Proj.): 26.5\n- Overall Balance (Net lending/borrowing):\n  - 2022: -2.7\n  - 2023: -1.0\n  - 2024 (Proj.): -1.1\n- Primary Balance:\n  - 2022: 1.0\n  - 2023: 1.6\n  - 2024 (Proj.): 2.7\n- Central government debt:\n  - 2022: 115.1\n  - 2023: 87.1\n  - 2024 (Proj.): 92.1\n- Domestic debt:\n  - 2022: 27.4\n  - 2023: 18.0\n  - 2024 (Proj.): 18.0\n- External debt:\n  - 2022: 87.7\n  - 2023: 73.2\n  - 2024 (Proj.): 74.1"
    },
    {
      "heading": "External sector and reserves",
      "content": "- Current account balance:\n  - 2022: 2.3\n- Capital and financial account:\n  - 2022: 10.6\n  - 2023: 5.5\n- Gross international reserves (US$ millions):\n  - 2022: 1,195\n  - 2023: 1,196\n  - 2024 (Proj.): 1,464\n- In months of imports:\n  - 2022: 6.4\n  - 2023: 7.6\n- Usable gross international reserves (US$ millions) 1/:\n  - 2022: 865\n  - 2023: 962\n  - 2024 (Proj.): 1,230\n- Usable reserves in months of imports:\n  - 2022: 4.6\n  - 2023: 5.1\n- Official exchange rate (SRD per US$, (Average):\n  - 2022: 24.6\n\nSources: Suriname authorities; IMF staff estimates and projections.\n\nIMF Communications Department — Press Release No. 23/456 (December 15, 2023).\n\n---\n\n\n References\n\n- PRESS CENTER\n- see Press Release No. 21/400\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2023/12/15/pr23456-imf-completes-fourth-review-under-the-eff-suriname"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2023/12/15/pr23456-imf-completes-fourth-review-under-the-eff-suriname/index.md)",
    "[Structured JSON version](/en/news/articles/2023/12/15/pr23456-imf-completes-fourth-review-under-the-eff-suriname/index.json)",
    "[Bundle manifest](/en/news/articles/2023/12/15/pr23456-imf-completes-fourth-review-under-the-eff-suriname/bundle-manifest.json)",
    "Published: December 15, 2023",
    "The Executive Board completed the fourth review under the Extended Fund Facility (EFF) arrangement for Suriname, allowing an immediate purchase equivalent to SDR 39.4 million (about US$ 53 million).",
    "The Board approved the authorities’ request for an extension of the arrangement until March 2025.",
    "The Board approved an augmentation of access equivalent to SDR 46.8 million (about US$ 63 million).",
    "Total purchase under the EFF arrangement following this review reached SDR 197 million (about US$263 million).",
    "With the augmentation, the total access expected under the EFF arrangement is SDR 430.7 million (about US$ 577 million).",
    "Fiscal discipline and tight monetary policy are delivering stability: the economy is growing, inflation is declining, and investor confidence is returning.",
    "Authorities completed a private debt exchange and are close to concluding agreements with remaining creditors.",
    "Near-term priorities for the authorities:",
    "The EFF-supported program aims to:",
    "Noted reforms already implemented:",
    "Monetary and financial sector actions:",
    "Governance and institutional priorities:",
    "Authorities have shown continued commitment to fiscal discipline and macroeconomic stabilization under the EFF-supported program.",
    "The economy is stabilizing, pressures on the exchange rate have eased, and inflation is on a downward trend.",
    "A more gradual path of fiscal consolidation than planned at the previous review will:",
    "Excellent progress noted on debt restructuring:",
    "Real GDP Growth:",
    "Nominal GDP Growth:",
    "Consumer prices (end of period):",
    "Consumer prices (period average):",
    "Broad money:",
    "Private sector credit:",
    "Revenue and grants:",
    "Of which: Mineral revenue:",
    "Total expenditure:",
    "Overall Balance (Net lending/borrowing):",
    "Primary Balance:",
    "Central government debt:",
    "Domestic debt:",
    "External debt:",
    "Current account balance:",
    "Capital and financial account:",
    "Gross international reserves (US$ millions):",
    "In months of imports:",
    "Usable gross international reserves (US$ millions) 1/:",
    "Usable reserves in months of imports:",
    "Official exchange rate (SRD per US$, (Average):",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[see Press Release No. 21/400](https://www.imf.org/en/News/Articles/2021/12/22/pr21400-imf-executive-board-approves-extended-arrangement-under-the-extended-fund-facility-suriname)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
  "alternates": {
    "markdown": "/en/news/articles/2023/12/15/pr23456-imf-completes-fourth-review-under-the-eff-suriname/index.md",
    "json": "/en/news/articles/2023/12/15/pr23456-imf-completes-fourth-review-under-the-eff-suriname/index.json",
    "bundleManifest": "/en/news/articles/2023/12/15/pr23456-imf-completes-fourth-review-under-the-eff-suriname/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-26T02:37:53.131Z"
}