Suriname Engages in Talks with IMF for Successor Program Prior to Elections
Suriname officials are meeting with the IMF to discuss a new financial program following the expiration of a prior agreement. Finance Minister Stanley Raghoebarsing seeks a flexible successor program. The nation is heading to elections in May and is set to become a significant energy producer with future oil revenues.
Suriname has commenced discussions with the International Monetary Fund (IMF) regarding a successor program to the existing agreement, which expired in March. Suriname’s Finance Minister, Stanley Raghoebarsing, noted that the previous $688 million agreement significantly strengthened governance and reduced national debt, but did not adequately establish a sustainable growth path.
In Washington, D.C., Raghoebarsing highlighted the importance of a successor program that is flexible and designed to earn public support, amidst upcoming elections in May. “No matter what the outcome will be of the elections over the whole political scale, politicians will be sensitized on the importance of continuation of what was done with the IMF,” he remarked, indicating broad political awareness on the matter.
As Suriname prepares for elections, it is also on the brink of becoming a significant energy producer, with expectations of its first oil production in 2028 potentially generating up to $26 billion. Stakeholders are eager to see how the new administration will approach negotiations with the IMF.
Suriname’s engagement with the IMF for a successor program is crucial as the nation transitions towards a possible new economic phase driven by oil production. The Finance Minister’s emphasis on creating a program that is responsive to citizen needs underscores the challenges of policy reform in a country where a considerable portion of the population lives in poverty. The outcome of the upcoming elections will likely influence Suriname’s future dealings with international financial institutions.
Original Source: financialpost.com
