{
  "title": "Suriname: Request for an Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Suriname",
  "publication": "IMF Staff Country Reports, December 23, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2021/12/23/suriname-request-for-an-extended-arrangement-under-the-extended-fund-facility-press-release-511294",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2021/12/23/suriname-request-for-an-extended-arrangement-under-the-extended-fund-facility-press-release-511294",
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  "summary": "Suriname faces systemic fiscal and external imbalances as a result of many years of economic mismanagement. Usable foreign reserves were depleted and, in the absence of other sources of budget financing, fiscal deficits were monetized.",
  "sections": [
    {
      "heading": "Major macro-financial imbalances and causes",
      "content": "- Suriname faces systemic fiscal and external imbalances as a result of many years of economic mismanagement.\n- Usable foreign reserves were depleted.\n- In the absence of other sources of budget financing, fiscal deficits were monetized.\n- Inflation has, as a result, surged.\n- There has been a significant depreciation of the exchange rate.\n- Public debt, at 148 percent of GDP at end-2020, is unsustainable.\n- There are important solvency problems embedded in the domestic banking system."
    },
    {
      "heading": "Key findings and implications",
      "content": "- Fiscal deficits were financed through monetary expansion when other financing sources were unavailable, contributing to inflationary pressures.\n- Reserve depletion and exchange rate depreciation signal acute external vulnerability.\n- Very high public debt (148 percent of GDP at end-2020) implies unsustainability and likely need for comprehensive debt strategy.\n- Banking-system solvency problems indicate risks to financial stability and potential need for bank-sector interventions."
    },
    {
      "heading": "Publication and document facts",
      "content": "- Publication date: December 23, 2021\n- Series: Country Report No. 2021/280\n- Pages: 111\n- Issue: 280\n- DOI: https://doi.org/10.5089/9781616359799.002\n- ISBN: 9781616359799\n- ISSN: 1934-7685\n- Stock No: 1SUREA2021001\n- Subjects: Arrears, Exchange rates, External debt, Foreign exchange, International organization, Monetary base, Monetary policy, Money, Public debt\n- Keywords: Arrears, Caribbean, Exchange rates, Global, government of Suriname, Monetary base, staff appraisal, staff representative, Surinamese authorities, term deposit\n\nInternational Monetary Fund. Western Hemisphere Dept. \"Suriname: Request for an Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Suriname\", IMF Staff Country Reports 2021, 280 (2021).\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 23, 2021",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781616359799.002",
    "Suriname faces systemic fiscal and external imbalances as a result of many years of economic mismanagement.",
    "Usable foreign reserves were depleted.",
    "In the absence of other sources of budget financing, fiscal deficits were monetized.",
    "Inflation has, as a result, surged.",
    "There has been a significant depreciation of the exchange rate.",
    "There are important solvency problems embedded in the domestic banking system.",
    "Fiscal deficits were financed through monetary expansion when other financing sources were unavailable, contributing to inflationary pressures.",
    "Reserve depletion and exchange rate depreciation signal acute external vulnerability.",
    "Very high public debt (148 percent of GDP at end-2020) implies unsustainability and likely need for comprehensive debt strategy.",
    "Banking-system solvency problems indicate risks to financial stability and potential need for bank-sector interventions.",
    "Publication date: December 23, 2021",
    "Series: Country Report No. 2021/280",
    "Pages: 111",
    "Issue: 280",
    "DOI: https://doi.org/10.5089/9781616359799.002",
    "ISBN: 9781616359799",
    "ISSN: 1934-7685",
    "Stock No: 1SUREA2021001",
    "Subjects: Arrears, Exchange rates, External debt, Foreign exchange, International organization, Monetary base, Monetary policy, Money, Public debt",
    "Keywords: Arrears, Caribbean, Exchange rates, Global, government of Suriname, Monetary base, staff appraisal, staff representative, Surinamese authorities, term deposit",
    "**Executive Summary**"
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