IMF: Suriname economic recovery programme on track – CARICOM Business
The IMF Executive Board has completed the first review of the extended arrangement under the Extended Fund Facility (EFF) for Suriname, allowing for an immediate disbursement equivalent to SDR 39.4 million (about US$55 million).
According to the Fund, Suriname’s “homegrown economic recovery program,” which through a discretionary fiscal consolidation of 10% of GDP during 2021-24, remains on track.
Suriname is projected to record real growth of 1.8% in 2022 however the country will face inflation of 25.8%, down from the 60.7% and 60.6% recorded in 2020 and 2021 respectively.
Private sector credit is projected to increase by 26.9% in 2022 up from 18.5% in 2021. On the fiscal side, Suriname is slated to record a primary balance of 1.7% of GDP by year end, however central government debt is slated to increase from 125.3% of GDP in 2021 to 132.2% in 2022. Suriname, is projected to record a current account deficit of 0.9% of GDP in 2022 while increasing its gross international reserves to US$1,260 million or 6.8 months of imports.
Extract from the CARICOM BUSINESS Newsletter, Vol 5 No. 13
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