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LATIN AMERICA ADVISOR

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

June 13, 2022

Will Suriname’s New Debt Deal Help Its Economy Grow?

The government of Suriname’s president, Chan Santokhi, last month struck a debt restructuring deal with the Paris Club. // File Photo: Government of Suriname.

Q

  • Suriname and the Paris Club of creditor nations last month reached an agreement on restructuring the country’s external public debt. The deal will allow the creditor nations to eventually take voluntary and bilateral actions to support Suriname’s efforts involving environmental, social and governance (ESG) goals, the Paris Club said. How important is this deal for Suriname, and what will it mean for the South American country’s economy and ESG ambitions? How well are Suriname’s president, Chan Santokhi, and the country’s central bank managing the country’s economy? What are the most important factors driving Suriname’s newfound oil and gas deposits, and what headwinds does the administration face in getting Suriname on a sustainable economic footing?

A

Scott MacDonald, chief economist at Smith’s Research and Gradings and fellow at the Caribbean Policy Consortium: “In July, protesters attempted to storm President Santokhi’s office. Social tensions have long simmered under the country’s surface, especially since 2020 when the country went through a close election and the economy slipped into a prolonged recession from which it has yet to fully emerge. To deal with the problems it inherited from the Bouterse government, Santokhi made a deal with the International Monetary Fund last December. Suriname’s IMF program remains on track, but the tough austerity measures (including the slashing of government subsidies on utilities) have hurt. The Russo-Ukraine War is only worsening economic conditions. To this backdrop, there is resentment over the president’s more international profile: should money be spent on President…”

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The Inter-American Dialogue publishes the Latin America Advisor every business day for a distinguished membership of informed corporate leaders, scholars, and government officials invested in Latin America’s development and future. The Advisor‘s highly regarded Q&A section covers questions submitted by subscribers themselves. Commentators regularly include heads of state, business leaders, diplomats, economists, analysts, and thought leaders from around the world. Many of the world’s largest and fastest-growing companies subscribe to the Advisor. To subscribe, click here. For terms and conditions, click here. For more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.
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