{
  "title": "IMF Executive Board Completes Fifth Review Under the Extended Fund Facility Arrangement for Suriname",
  "publication": "IMF News, March 20, 2024",
  "sourceUrl": "https://www.imf.org/en/news/articles/2024/03/20/pr-2493-suriname-imf-board-completes-fifth-review-under-the-eff",
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  "summary": "IMF Executive Board Completes Fifth Review Under the Extended Fund Facility Arrangement for Suriname",
  "publishDate": "2024-03-20",
  "sections": [
    {
      "heading": "Review outcome and disbursement",
      "content": "- The Executive Board completed the fifth review under the Extended Fund Facility (EFF) arrangement for Suriname.\n- Completion of the review allows an immediate purchase equivalent to SDR 46.7 million (about USD 62 million).\n- Of the immediate purchase, SDR 19.1 million or about USD 25million would be for budget support.\n- Total disbursement under the arrangement now stands at SDR 243.7 million (about USD 323million)."
    },
    {
      "heading": "Macroeconomic results and program status",
      "content": "- The authorities’ continued commitment to fiscal discipline and macroeconomic stability is \"paying off.\"\n- Observed macro outcomes:\n  - The economy is growing.\n  - Inflation is on a steady downward trend.\n  - Investor confidence is returning / improving.\n- All quantitative performance criteria for this review were met.\n- Structural reforms are proceeding, albeit with some delays."
    },
    {
      "heading": "Priorities and policy recommendations (from IMF statement)",
      "content": "- Near-term priority:\n  - Preserve fiscal discipline to put public debt on a firmly downward path and build resilience to future shocks.\n- Fiscal and social policy recommendations:\n  - Remove unregistered and chronically absent workers from the public payroll to create fiscal space for a more meaningful wage increase for productive civil servants.\n  - Gradually phase out electricity subsidies to help finance higher social assistance spending and channel more resources toward growth-enhancing investment.\n  - Ensure efficient and effective allocation of social spending.\n  - Strengthen commitment controls to prevent the accumulation of supplier arrears.\n- Debt and financial sector priorities:\n  - Promptly clear domestic debt arrears.\n  - Continue efforts on debt restructuring; noteworthy progress already achieved:\n    - Bilateral agreements with all official creditors have been completed.\n    - The debt exchange with private external bondholders has been finalized.\n    - Domestic debts to the central bank and commercial banks have been restructured.\n  - Finalize the central bank recapitalization plan promptly to strengthen its operational independence and financial autonomy.\n  - Recent approval of recapitalization plans of banks with capital shortages and the governance framework for the state-owned banks are important steps to address banking sector vulnerabilities.\n- Institutional and governance recommendations:\n  - Persevere with the ambitious structural reform agenda to strengthen institutions, governance, and data quality.\n  - Continue capacity development support from the Fund and other development partners."
    },
    {
      "heading": "Program background",
      "content": "- Suriname’s EFF arrangement was approved by the Executive Board on December 22, 2021 (see Press Release No. 21/400).\n- Since approval, Suriname has been implementing an economic reform agenda focused on:\n  - Restoring fiscal and debt sustainability through fiscal consolidation and debt restructuring.\n  - Protecting the vulnerable by expanding social programs.\n  - Upgrading the monetary and exchange rate policy framework.\n  - Addressing the financial sector’s vulnerabilities.\n  - Advancing the anti-corruption and governance agenda.\n\nSource: Press Release No. 24/93, March 20, 2024, IMF Communications Department.\n\n---\n\n\n References\n\n- Kenji Okamura\n- Suriname and the IMF\n- Special Drawing Rights (SDRs) -- A Factsheet\n- Press Releases\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/2024/03/20/pr-2493-suriname-imf-board-completes-fifth-review-under-the-eff"
    }
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    "Published: March 20, 2024",
    "The Executive Board completed the fifth review under the Extended Fund Facility (EFF) arrangement for Suriname.",
    "Completion of the review allows an immediate purchase equivalent to SDR 46.7 million (about USD 62 million).",
    "Of the immediate purchase, SDR 19.1 million or about USD 25million would be for budget support.",
    "Total disbursement under the arrangement now stands at SDR 243.7 million (about USD 323million).",
    "The authorities’ continued commitment to fiscal discipline and macroeconomic stability is \"paying off.\"",
    "Observed macro outcomes:",
    "All quantitative performance criteria for this review were met.",
    "Structural reforms are proceeding, albeit with some delays.",
    "Near-term priority:",
    "Fiscal and social policy recommendations:",
    "Debt and financial sector priorities:",
    "Institutional and governance recommendations:",
    "Suriname’s EFF arrangement was approved by the Executive Board on December 22, 2021 (see Press Release No. 21/400).",
    "Since approval, Suriname has been implementing an economic reform agenda focused on:",
    "[Kenji Okamura](https://www.imf.org/en/About/senior-officials/Bios/kenji-okamura)",
    "[Suriname and the IMF](http://www.imf.org/external/country/SUR/index.htm)",
    "[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/)",
    "[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)"
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