{
  "title": "IMF Executive Board Concludes 2025 Article IV Consultation with Suriname",
  "publication": "IMF News, January 28, 2026",
  "sourceUrl": "https://www.imf.org/en/news/articles/2026/01/28/pr-26025-suriname-imf-executive-board-concludes-2025-article-iv-consultation",
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  "summary": "The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Suriname. The authorities have consented to the publication of the Staff Report prepared for this consultation.",
  "publishDate": "2026-01-28",
  "sections": [
    {
      "heading": "Overview and context",
      "content": "- The Executive Board of the International Monetary Fund completed the Article IV Consultation for Suriname. The authorities have consented to the publication of the Staff Report prepared for this consultation.\n- Press Release No. 26/025; Washington, DC; January 28, 2026.\n- The Fund noted that Suriname is approaching a pivotal transition to large‑scale oil production and that recent fiscal and monetary slippages in 2025 have eroded earlier stabilization gains."
    },
    {
      "heading": "Growth outlook and sectoral drivers",
      "content": "- GDP growth is slowing, driven by a decline in gold production.\n- Non-natural resource growth is estimated to reach 4.7 percent in 2026, supported by positive oil-related sentiment.\n- Oil field development and relatively stable gold production are expected to support growth of around 4 percent until 2028.\n- Offshore oil production is expected to push growth to around 30 percent in 2028.\n- Downside risks: policy slippages that could adversely affect macroeconomic stability.\n- Upside risks: further developments of offshore oil and gas fields represent a material upside risk."
    },
    {
      "heading": "Fiscal and monetary developments",
      "content": "- Fiscal and monetary slippages in 2025 reduced cash buffers, weakened the currency, and increased inflation back to double digits.\n- The increase in gross debt to an estimated 106 percent of GDP is mainly due to a successful liability management operation.\n- The current account deficit is estimated to have exceeded 30 percent of GDP due to offshore oil field investment imports mostly financed by FDI.\n- Improving the fiscal balance and meeting reserve money targets were highlighted as important course corrections."
    },
    {
      "heading": "Executive Board assessment — main messages",
      "content": "- Directors welcomed progress under the Fund‑supported program concluded in March 2025 but noted that recent fiscal and monetary slippages have eroded earlier stabilization gains.\n- Renewed commitment to prudent and credible macroeconomic policies, strengthened institutions, and enhanced governance is needed to safeguard macroeconomic stability and support inclusive growth.\n- Technical support from the Fund and other development partners will be important; a number of Directors supported the authorities’ request for a long‑term macro‑fiscal expert (LTX).\n- Directors looked forward to close engagement between the authorities and the Fund under the Post Financing Assessment framework.\n- It is expected that the next Article IV consultation with Suriname will be held on the standard 12‑month cycle."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Fiscal policy\n  - Need for significant fiscal adjustment in 2026 to underpin stability.\n  - Raise the primary surplus while safeguarding priority investment in human capital.\n  - Specific measures encouraged: resume electricity subsidy reductions; restrain the wage bill; broaden the tax base; improve tax administration through digitalization.\n  - Implement full and timely operationalization of the recently passed public financial management and Sovereign Wealth Fund legislation to ensure transparent management of mineral revenues.\n- Monetary policy\n  - Monetary policy should be firmly oriented towards maintaining price stability.\n  - Bring reserve money to target through open‑market operations.\n  - Support transition to a new monetary policy framework and enhance the central bank’s capacity.\n  - Limit FX interventions to a narrow definition of disorderly market conditions; emphasize exchange rate flexibility.\n- Financial sector and governance\n  - Enhance financial sector resilience: assess and promote stronger bank risk‑management practices; step up supervisory monitoring, including nonbank financial institutions (NBFIs).\n  - Strengthen governance and anti‑corruption framework: amend the anti‑corruption law; operationalize the procurement law; strengthen the AML/CFT framework.\n  - Strengthen oversight of SOEs and enhance data collection."
    },
    {
      "heading": "Key statistics (selected economic indicators; Proj. = projection)",
      "content": "- Real sector (Annual percentage change)\n  - Real GDP: 2024 = 1.7; 2025 = 1.5; 2026 = 3.9\n  - o/w Non-Natural Resource Real GDP: 2024 = 4.1; 2025 = 4.4; 2026 = 4.7\n  - Nominal GDP: 2024 = 14.8; 2025 = 19.2; 2026 = 19.1\n  - Consumer prices (end of period): 2024 = 10.1; 2025 = 13.0; 2026 = 9.7\n  - Consumer prices (period average): 2024 = 16.2; 2025 = 9.5; 2026 = 12.3\n- Money and credit\n  - Broad money: 2024 = 9.3; 2025 = 15.2; 2026 = 14.2\n  - Private sector credit: 2024 = 16.0; 2025 = 34.0; 2026 = 14.7\n  - Reserve money: 2024 = 23.6; 2025 = 16.3\n- Central government (In percent of GDP, unless otherwise indicated)\n  - Revenue and grants: 2024 = 26.9; 2025 = 28.2; 2026 = 27.5\n  - Of which: Mineral revenue: 2024 = 10.9; 2025 = 10.5\n  - Total expenditure 1/: 2024 = 29.3; 2025 = 38.2; 2026 = 32.8\n  - Of which: central bank recapitalization: 2024 = 5.4\n  - Overall Balance (Net lending/borrowing): 2024 = -2.4; 2025 = -10.0; 2026 = -5.4\n  - Primary Balance 1/: 2024 = 0.3; 2025 = -6.3; 2026 = -0.1\n  - Primary Balance (excl central bank recap): 2024 = -1.0\n  - Deposits at Central Bank: 2024 = 9.2; 2025 = 3.4; 2026 = 2.7\n  - Central government debt: 2024 = 88.0; 2025 = 106.3; 2026 = 96.2\n  - Domestic: 2024 = 14.4; 2025 = 18.0; 2026 = 17.6\n  - External: 2024 = 73.6; 2025 = 88.3; 2026 = 78.6\n- External sector\n  - Current account balance: 2024 = 0.2; 2025 = -34.3; 2026 = -48.1\n  - Capital and financial account: 2024 = -2.5; 2025 = -31.5; 2026 = -51.0\n- Memorandum items\n  - Gross international reserves (US$ millions) 2/: 2024 = 1,373; 2025 = 1,311; 2026 = 1,458\n  - In months of imports: 2024 = 6.4; 2025 = 3.5; 2026 = 3.1\n  - Escrow Account (US$ millions): 2024 = 851.9; 2025 = 680.9\n  - Exchange rate (SRD per USD, period average): 2024 = 33.05; 2025 = …\n- Notes from table\n  - 1/ Expenditure includes central bank recapitalization of 9,381 Million SRD.\n  - 2/ Excludes banks’ ring-fenced reserves.\n\nSource: IMF Communications Department, January 28, 2026.\n\n---\n\n\n References\n\n- Suriname and the IMF\n- IMF Policy Advice -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- www.imf.org/Suriname\n- http://www.IMF.org/external/np/sec/misc/qualifiers.htm\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2026/01/28/pr-26025-suriname-imf-executive-board-concludes-2025-article-iv-consultation"
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    "Published: January 28, 2026",
    "The Executive Board of the International Monetary Fund completed the Article IV Consultation for Suriname. The authorities have consented to the publication of the Staff Report prepared for this consultation.",
    "Press Release No. 26/025; Washington, DC; January 28, 2026.",
    "The Fund noted that Suriname is approaching a pivotal transition to large‑scale oil production and that recent fiscal and monetary slippages in 2025 have eroded earlier stabilization gains.",
    "GDP growth is slowing, driven by a decline in gold production.",
    "Non-natural resource growth is estimated to reach 4.7 percent in 2026, supported by positive oil-related sentiment.",
    "Oil field development and relatively stable gold production are expected to support growth of around 4 percent until 2028.",
    "Offshore oil production is expected to push growth to around 30 percent in 2028.",
    "Downside risks: policy slippages that could adversely affect macroeconomic stability.",
    "Upside risks: further developments of offshore oil and gas fields represent a material upside risk.",
    "Fiscal and monetary slippages in 2025 reduced cash buffers, weakened the currency, and increased inflation back to double digits.",
    "The increase in gross debt to an estimated 106 percent of GDP is mainly due to a successful liability management operation.",
    "The current account deficit is estimated to have exceeded 30 percent of GDP due to offshore oil field investment imports mostly financed by FDI.",
    "Improving the fiscal balance and meeting reserve money targets were highlighted as important course corrections.",
    "Directors welcomed progress under the Fund‑supported program concluded in March 2025 but noted that recent fiscal and monetary slippages have eroded earlier stabilization gains.",
    "Renewed commitment to prudent and credible macroeconomic policies, strengthened institutions, and enhanced governance is needed to safeguard macroeconomic stability and support inclusive growth.",
    "Technical support from the Fund and other development partners will be important; a number of Directors supported the authorities’ request for a long‑term macro‑fiscal expert (LTX).",
    "Directors looked forward to close engagement between the authorities and the Fund under the Post Financing Assessment framework.",
    "It is expected that the next Article IV consultation with Suriname will be held on the standard 12‑month cycle.",
    "Fiscal policy",
    "Monetary policy",
    "Financial sector and governance",
    "Real sector (Annual percentage change)",
    "Money and credit",
    "Central government (In percent of GDP, unless otherwise indicated)",
    "External sector",
    "Memorandum items",
    "Notes from table",
    "[Suriname and the IMF](http://www.imf.org/external/country/SUR/index.htm)",
    "[IMF Policy Advice -- A Factsheet](https://www.imf.org/en/about/factsheets/imf-surveillance)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[www.imf.org/Suriname](http://www.imf.org/Suriname)",
    "[http://www.IMF.org/external/np/sec/misc/qualifiers.htm](http://www.imf.org/external/np/sec/misc/qualifiers.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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