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President: Reduce inflation to 35% or less

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Next year, the administration hopes to bring down inflation to 35% or less. Current inflation is 53.5%. During his annual statement, President Chan Santokhi just revealed that Suriname’s debt position has also decreased, from over US$4 billion to US$3.1 billion.

The agreed-upon macroeconomic framework will continue to be followed by the IMF program’s monetary and fiscal policies. This strategy helps, among other things, to maintain and increase the currency’s purchasing power as well as the exchange rate’s stability. “With this approach, we hope to manage inflation at or below 35% while still maintaining a stable exchange rate. The government periodically evaluates the benefits of this program, on the financial-monetary parameters, as well as with regard to social effects.”

The rescheduling of national and international debt continued in 2023 and has resulted in a in-principle agreement, with commercial creditors, as well as debt restructuring, with India. Currently, debt negotiations with China are at an advanced stage, and this week, a delegation from the People’s Republic of China is in Suriname to continue the negotiations.

Going through an IMF program, including the need to rebalance our debt portfolio, domestic and foreign, is important in many respects, the head of state emphasized. Carrying out these exercises first and foremost creates trust in the financial world and with international financial institutions. Secondly, successful debt restructuring also means that pressure on the national budget is effectively reduced. This will create fiscal space to realize other aspects of the economic reform program…

In addition, a successful realignment also has positive effects on monetary parameters, including the pressure on our monetary reserve, and, relatedly, the exchange rate. Also important is the effects of successful realignments on the international financial market: our creditworthiness improves, and interest rates on loans become lower.

Let us also not forget that if we cannot pay off debts, which are running at more than US$100 million a year, and if we do not negotiate a successful restructuring, the creditors can demand their money, and possibly go to court to enforce payment. You understand that in such a situation, the effects on our national economy and the existence of Surinamese citizens would be incalculable,” the president said.

 

 

 

 

 

 

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