IMF Executive Board Concludes 2025 Article IV Consultation with Suriname
IMF News, February 11, 2026
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- Published: February 11, 2026
Overview and recent developments
- The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Suriname; the authorities consented to publication of the Staff Report.
- Growth and macro stability:
- GDP growth is slowing, driven by a decline in gold production.
- 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.
- Near‑term growth outlook:
- 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, when offshore oil production is expected to push growth to around 30 percent.
- Risks:
- Downside risks include policy slippages that could adversely affect macroeconomic stability.
- Over a longer horizon, further developments of offshore oil and gas fields represent a material upside risk.
Executive Board assessment
- Directors welcomed progress achieved under the Fund‑supported program concluded in March 2025, while noting recent fiscal and monetary slippages have eroded earlier stabilization gains as Suriname approaches large‑scale oil production.
- Key emphases by Directors:
- Renewed commitment to prudent and credible macroeconomic policies, strengthened institutions, and enhanced governance 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).
- Improving the fiscal balance is essential to contain foreign‑exchange and inflationary pressures and rebuild buffers.
- Significant fiscal adjustment in 2026 is needed to underpin stability despite short‑term liquidity from liability‑management operations.
- Measures encouraged to raise the primary surplus while safeguarding priority investment in human capital, including:
- Resuming electricity subsidy reductions.
- Restraining the wage bill.
- Broadening the tax base.
- Improving tax administration through digitalization.
- Strong institutions are crucial for effective management of prospective oil wealth; full and timely implementation of recently passed public financial management and Sovereign Wealth Fund legislation was urged.
- Monetary policy recommendations:
- Firm orientation towards maintaining price stability.
- Bring reserve money to target through open‑market operations.
- Support plans to transition to a new monetary policy framework and enhance central bank capacity.
- Limit FX interventions to a narrow definition of disorderly market conditions; maintain exchange rate flexibility.
- Financial sector resilience:
- Assess and promote stronger bank risk‑management practices.
- Step up supervisory monitoring, including of nonbank financial institutions (NBFIs).
- Governance and oversight:
- Amend the anti‑corruption law.
- Operationalize the procurement law.
- Further strengthen the AML/CFT framework.
- Strengthen oversight of SOEs and enhance data collection.
- Directors looked forward to close engagement under the Post Financing Assessment framework.
- It is expected the next Article IV consultation with Suriname will be held on the standard 12‑month cycle.
Key statistics and projections (Table 1: Selected Economic Indicators)
- Real sector (annual percentage change, unless otherwise indicated):
- Real GDP: 2024 = 1.7; 2025 = 1.5; 2026 = 3.9.
- o/w Non‑Natural Resource Real GDP: 2024 = 4.1; 2025 = 4.4; 2026 = 4.7.
- Nominal GDP: 2024 = 14.8; 2025 = 19.2; 2026 = 19.1.
- Consumer prices (end of period): 2024 = 10.1; 2025 = 13.0; 2026 = 9.7.
- Consumer prices (period average): 2024 = 16.2; 2025 = 9.5; 2026 = 12.3.
- Money and credit:
- Broad money: 2024 = 9.3; 2025 = 15.2; 2026 = 14.2.
- Private sector credit: 2024 = 16.0; 2025 = 34.0; 2026 = 14.7.
- Reserve money: 2024 = 23.6; 2025 = 16.3.
- Central government (in percent of GDP, unless otherwise indicated):
- Revenue and grants: 2024 = 26.9; 2025 = 28.2; 2026 = 27.5.
- Of which: Mineral revenue: 2024 = 10.9; 2025 = 10.5.
- Total expenditure 1/: 2024 = 29.3; 2025 = 38.2; 2026 = 32.8.
- Of which: central bank recapitalization: 2024 = 5.4.
- Overall Balance (Net lending/borrowing): 2024 = -2.4; 2025 = -10.0; 2026 = -5.4.
- Primary Balance 1/: 2024 = 0.3; 2025 = -6.3; 2026 = -0.1.
- Primary Balance (excl central bank recap): 2024 = -1.0.
- Deposits at Central Bank: 2024 = 9.2; 2025 = 3.4; 2026 = 2.7.
- Central government debt: 2024 = 88.0; 2025 = 106.3; 2026 = 96.2.
- Domestic: 2024 = 14.4; 2025 = 18.0; 2026 = 17.6.
- External: 2024 = 73.6; 2025 = 88.3; 2026 = 78.6.
- External sector:
- Current account balance: 2024 = 0.2; 2025 = -34.3; 2026 = -48.1.
- Capital and financial account: 2024 = -2.5; 2025 = -31.5; 2026 = -51.0.
- Memorandum Items:
- Gross international reserves (US$ millions) 2/: 2024 = 1,373; 2025 = 1,311; 2026 = 1,458.
- In months of imports: 2024 = 6.4; 2025 = 3.5; 2026 = 3.1.
- Escrow Account (US$ millions): 2024 = 851.9; 2025 = 680.9.
- Exchange rate (SRD per USD, period average): 2024 = 33.05.
- Notes:
- 1/ Expenditure includes central bank recapitalization of 9,381 Million SRD.
- 2/ Excludes banks’ ring‑fenced reserves.
IMF Communications Department — Press Release No. 26/043 (February 11, 2026).