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Western Hemisphere > Suriname

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Cover High-Level Summary Technical Assistance Reports
Suriname: Strengthening the Fiscal Framework Ahead of the Anticipated Oil Boom
Jean P Nguenang
,
Ervin Prifti
,
Harry Snoek
, and
Clemens Mungenast
This technical assistance report was prepared in response to Suriname’s request for support in strengthening its fiscal framework ahead of the anticipated offshore oil production starting in 2028. The report finds that while Suriname has made significant legal advances by adopting a robust Public Financial Management (PFM) Law in 2024 and revamping the Savings and Stabilization Fund Suriname (SSFS), operationalization of these frameworks remains incomplete due to institutional capacity constraints, delayed secondary legislation, and limited political engagement. The report emphasizes the urgent need to finalize implementing decrees, establish governance bodies, and build macro-fiscal analytical capacity to ensure fiscal discipline and sustainability. Key recommendations focus on accelerating the operationalization of fiscal rules and the SSFS, enhancing the medium-term fiscal framework (MTFF) and medium-term expenditure framework (MTEF), and strengthening the Budget Strategy Paper (BSP) to serve as a credible policy anchor.
Keywords:
Fiscal Framework; Savings and Stabilization Fund Suriname (SSFS); Medium-Term Fiscal Framework (MTFF); Public Financial Management (PFM) Law; Oil Revenue Management; Imf publication; technical assistance report; report series; Public Financial Management; staff of the International Monetary Fund; capacity development recipient; Fiscal governance; Commodity booms; Fiscal rules; Medium-term budget frameworks
Cover Technical Assistance Reports
Suriname: Technical Assistance Report-Macroprudential Framework
International Monetary Fund. Monetary and Capital Markets Department
This technical assistance report presents the findings of a CARTAC mission to support the Central Bank of Suriname in developing a comprehensive macroprudential policy framework. The report assesses institutional arrangements, systemic risk conditions, and the existing prudential toolkit, identifying key risks arising from interconnectedness and banking concentration. It highlights the importance of establishing a macroprudential strategy, strengthening governance and inter-agency coordination, and enhancing data and analytical capabilities. The report recommends expanding the macroprudential toolkit—particularly through capital-based and liquidity measures—while emphasizing the need for a phased, capacity-aligned implementation strategy. A central recommendation is the adoption of a formal macroprudential strategy to improve transparency, accountability, and policy effectiveness. Overall, the report provides a structured roadmap to support financial stability and foster sustainable financial sector development in Suriname through a robust and forward-looking macroprudential framework.
Keywords:
Macroprudential policy; Financial stability; Systemic risk; Central Bank of Suriname; Macroprudential framework; Capital buffers; Liquidity risk; Credit growth; Financial sector resilience; Policy coordination; Economic shocks; Financial development.; IMF publication; IMF guidance; Monetary and Capital Markets department; technical assistance provider; liquidity indicator; Financial Stability committee; market infrastructure; banking system development; Credit; Financial sector stability; Countercyclical capital buffers; Global; Caribbean; Africa
Cover Technical Assistance Reports
Suriname: Technical Assistance Report-Strengthening the Fiscal Framework Ahead of the Anticipated Oil Boom
International Monetary Fund. Fiscal Affairs Dept.
This technical assistance report was prepared in response to Suriname’s request for support in strengthening its fiscal framework ahead of the anticipated offshore oil production starting in 2028. The report finds that while Suriname has made significant legal advances by adopting a robust Public Financial Management (PFM) Law in 2024 and revamping the Savings and Stabilization Fund Suriname (SSFS), operationalization of these frameworks remains incomplete due to institutional capacity constraints, delayed secondary legislation, and limited political engagement. The report emphasizes the urgent need to finalize implementing decrees, establish governance bodies, and build macro-fiscal analytical capacity to ensure fiscal discipline and sustainability. Key recommendations focus on accelerating the operationalization of fiscal rules and the SSFS, enhancing the medium-term fiscal framework (MTFF) and medium-term expenditure framework (MTEF), and strengthening the Budget Strategy Paper (BSP) to serve as a credible policy anchor.
Keywords:
Fiscal Framework; Savings and Stabilization Fund Suriname (SSFS); Medium-Term Fiscal Framework (MTFF); Public Financial Management (PFM) Law; Oil Revenue Management.; bureau Suriname; IMF publication; IMF representative; Fiscal Affairs department; IMF Fiscal Affairs Department; Suriname's Medium-Term Fiscal Framework; Fiscal rules; Medium-term budget frameworks; Fiscal law; Global
Cover High-Level Summary Technical Assistance Reports
Suriname: Macroprudential Framework
Kalin I Tintchev
The technical assistance mission supported the Central Bank of Suriname (CBvS) in developing a comprehensive macroprudential framework. Recommendations include formalizing the macroprudential framework through the development of an overarching strategy document and a structured, phased implementation roadmap. They also emphasize strengthening cross‑border coordination, governance arrangements, and communication practices to enhance accountability and transparency. In addition, the recommendations call for expanding the macroprudential toolkit to address key systemic risks arising from structural vulnerabilities and rapid credit expansion. Enhancing data collection and analytical capabilities is key to facilitating the adoption of macroprudential tools.
Keywords:
macroprudential policy instruments and strategy; institutional arrangements; systemic risk; technical assistance mission; Imf publication; report series; staff of the International Monetary Fund; implementation roadmap; Financial sector stability; Monetary expansion; Credit booms; Macroprudential policy instruments
Cover IMF Staff Country Reports
Suriname: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Suriname
International Monetary Fund. Western Hemisphere Dept.
The 2025 Article IV Consultation discusses that Suriname is about to experience a significant oil boom. Macroeconomic stability has weakened as hard‑won gains have been eroded by an overly loose fiscal stance and insufficiently tight monetary policy in early 2025. These policies have fueled inflation, depreciated the currency, and weighed on growth, which is now projected to fall well below initial expectations despite record gold prices and weaker mining output. Although a recent liability‑management operation has eased financing pressures, restoring primary surpluses is critical for rebuilding cash buffers, placing public debt on a downward path, and strengthening confidence in the new government’s policy direction. Fiscal restraint will also reduce excess liquidity, ease pressure on the exchange rate, and support disinflation. Monetary policy must reinforce this effort by sterilizing liquidity injections and allowing interest rates to adjust freely. Strengthening public financial management is essential to ensure that the oil windfall is saved or used effectively. Complementary priorities include enhancing financial sector resilience, advancing anti‑corruption reforms, improving anti-money laundering frameworks, and preparing for a gradual transition toward inflation targeting.
Keywords:
Surinamese authority; cash balance; staff report; bond issuance; staff appraisal; Oil; Monetary base; Caribbean
Cover Policy Papers
A Stocktaking of The Current International Architecture for Resolving Sovereign Debt Involving Private Sector Creditors
International Monetary Fund. Legal Dept.
,
International Monetary Fund. Strategy, Policy, & Review Department
, and
International Monetary Fund. Monetary and Capital Markets Department
There have been major developments in the global economy and sovereign debt markets since the Fund’s stocktaking in 2020. The contractual framework for the resolution of privately held sovereign debt has evolved further. Progress has been made in certain areas, although gaps still remain.
Keywords:
Bonds; Debt management; Debt restructuring; Debt Service; Debt Transparency; Domestic Debt Restructuring; Domestic law; Enhanced CACs; Exchange offer; International bonds; Restructuring negotiations; Sovereign Bonds; Sovereign Debt Restructuring; Secondary Market; Statutory tools; General government debt level; debt carrying capacity; climate resilient debt clause; loss reinstatement clause; Loans; Global
Cover IMF Working Papers
Macro-Financial Policies and Vulnerabilities in IMF-Supported Programs
Yazan Al-Karablieh
,
José Marzluf
,
Hector Perez-Saiz
,
Azzam Santosa
, and
Fabian Valencia
We construct a unique dataset by collecting macro-financial commitments data using textual analysis of the Memorandum of Economic and Financial Policies (MEFPs), a document outlining, inter-alia, policy commitments by member countries, in the context of an IMF-supported program. We combine this data with information on structural conditionality. Using a staggered difference-in-differences methodology, we show that IMF-supported programs with macro-financial policy commitments are followed by periods of lower non-performing loans and in some cases lower credit-to-GDP ratios, relative to IMF-supported programs without macro-financial commitments, mostly for the post global financial crisis (GFC) period before the COVID-19 pandemic. The NPL-to-loans ratio does not seem to decrease as a result of credit expansion. The results point to stronger and more abrupt declines in credit-to-GDP following ex-post macro-financial policies, those implemented after a crisis occurs (e.g., restructuring), and milder and more gradual declines following ex-ante policies, those implemented before risks materialize (e.g., regulatory requirements). The responses are also larger when countries have positive credit gaps at the start of the program than when credit gaps are negative. These results point to the importance of considering the country’s position in the credit cycle in program design and in addressing vulnerabilities preemptively to reduce the need for abrupt corrections when risks materialize. Finally, macro-financial policies targeting financial inclusion tend to increase credit-to-GDP ratios in low credit-to-GDP program countries.
Keywords:
Textual analysis; non-performing loans; credit growth; IMF-supported programs; macro-financial policies; MEFP commitment; credit-to-GDP ratio; Macro-financial commitments data; IMF working papers; credit gap country; Nonperforming loans; Credit gaps; Loans; Bank resolution; Fiscal stance; Global
Cover Technical Assistance Reports
Suriname: Technical Assistance Report-Liquidity Forecasting and Participation in Money Market Operations
International Monetary Fund. Monetary and Capital Markets Department
The Central Bank of Suriname (CBvS) undertook significant steps to modernize its monetary policy framework by shifting from an exchange rate regime to a monetary targeting regime in 2021. The main objective was to stabilize inflation and manage liquidity effectively, especially after the Suriname dollar's sharp depreciation and high inflation. The CBvS faced challenges in managing excess reserves, leading to the introduction of tools like Central Bank Certificates (CBCs) in 2022 and the increase in reserve requirements in 2023. However, persistent issues like low engagement in auctions and high bid rates continued to complicate liquidity management. The mission supported the CBvS by introducing an advanced statistical framework for liquidity forecasting and by assessing challenges in the money market participation. The forecasting framework integrates 12 forecasting models, helping to enhance the accuracy of reserve money projections and improve operational efficiency. The mission also involved collaborative efforts through surveys and workshops with commercial banks to address their concerns and ensure better understanding and participation in the monetary policy framework. The recommendations include reviewing the use of CBCs, improving liquidity forecasting, and modernizing the banking infrastructure to better align with the CBvS' policy objectives and enhance the effectiveness of the monetary system.
Keywords:
Centrale Bank van Suriname; monetary targeting regime; open market operations; liquidity forecasting; central bank certificates; excess reserves; inflation management; policy recommendations.; Seasonality analysis; Department mission; net liquidity; liquidity table; reserves balance; Monetary base; Liquidity; Reserve requirements
Cover IMF Staff Country Reports
Suriname: Ninth Review Under the Extended Arrangement Under the Extended Fund Facility, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Suriname
International Monetary Fund. Western Hemisphere Dept.
This paper presents Suriname’s Ninth Review Under the Extended Arrangement under the Extended Fund Facility, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review. The objectives of the program have been broadly achieved. The economy is growing, inflation is receding, public debt is declining, the autonomy and governance of the central bank have been strengthened, and investor confidence is returning. The main near-term policy priority is to maintain fiscal discipline in the run-up to the elections while protecting the vulnerable. Building on the progress made under the program, the authorities should strengthen the fiscal framework, including through the operationalization of the recently enacted fiscal rules supported by the appropriate institutional mechanisms. The implementation of these critical reforms will enable Suriname to efficiently and transparently manage its newly found oil resources. The authorities should persevere with their ambitious structural reform agenda to strengthen institutions, address governance weaknesses, build climate resilience, improve data quality and address gender gaps.
Keywords:
governance reform agenda; electricity company; address governance weakness; tax authorities; EFF arrangement; International reserves; Exchange rates; Monetary base; Arrears; Caribbean
Cover High-Level Summary Technical Assistance Reports
Suriname: Financial Stability, Monetary Policy, and Central Bank Communication
Petr Jakubik
and
Marek Petrus
The technical assistance mission evaluated the Central Bank of Suriname’s (CBvS) communication on monetary policy and financial stability to enhance transparency, consistency, and stakeholder engagement. Recommendations include institutionalizing structured decision-making with fixed schedules for Monetary Policy Advisory Committee (MPAC) and Financial Stability Advisory Committee (FSAC) meetings, followed by policy-setting Executive Board sessions. These efforts should be supported by forward-looking publications, such as the Monetary Policy Report (MPR) and Financial Stability Report (FSR). Enhanced communication strategies, including proactive outreach and capacity-building programs, aim to align CBvS practices with international standards, strengthen credibility, regain public trust, and support its mandate for price and financial stability.
Keywords:
monetary policy; financial stability; central bank communication; decision making frameworks; transparency; stakeholder engagement; FSAC meeting; CBvS's communication; decision-making framework; Financial sector stability