In the process of putting the IMF’s stability and recovery plans into action, the business community will act as an impartial monitoring and advisory body. The Suriname Economic Oversight Board (SEOB) and President Chan Santokhi signed a memorandum of cooperation on Thursday. The Surinamese Business Association, the Surinamese Bankers Association, the Governor of the Surinamese Central Bank, and the Minister of Finance and Planning all signed the document together.
On a volunteer basis, up to 10 members from the public and business sectors will work on the SEOB. The business organizations are the ones who took the initiative for monitoring. In order to stabilize the economy and reorganize the debt situation in order to maximize Suriname’s economic potential, the government has entered into an Extended Fund Facility Agreement (EFF) with the IMF. Recent discussions between the public and commercial sectors have demonstrated the need of carrying out IMF plans correctly and keeping the public informed. The recovery program also addresses this condition.
The objectives of the SEOB include:
• Monitoring and advising the government on the implementation of the IMF program and economic recovery plan based on clear performance indicators;
• Assess, support and strengthen government policies and activities to implement the programs according to deadlines;
• Supporting transparent communication to the community about the status of the programs and the economic recovery plan;
• To function as a permanent advisory body to the government in the stabilization and growth phase of the economy.
A secretariat will be set up and a communication team will be appointed to support the work. The aim is to be fully operational by July 2023.
