Suriname, marking fifty years of independence, stands on the brink of a historic turning point, according to the International Monetary Fund (IMF). In its Staff Concluding Statement following the annual Article IV mission, the IMF highlights the nation’s progress in stabilizing its economy and strengthening institutions. However, with the imminent commencement of large-scale oil exploitation, the IMF emphasizes the urgent need for swift and targeted reforms to responsibly manage future revenues and improve citizens’ quality of life. The report warns that the hard-earned economic stability is showing signs of strain.
The IMF mission focused on economic developments, fiscal policy, the foreign exchange market, the role of state-owned enterprises, and preparations for expected revenues from the offshore oil field Block 58. While Suriname has a unique opportunity to transform its economy for future generations, the IMF cautions that delays in reforms could squander this potential.
Economic growth has remained modest but stable, with 1.7% in 2024 and 1.3% in 2025, projected to rise to nearly 4% by 2026. Despite a disappointing gold production this year, the development of the Block 58 oil project remains on track. The project’s construction phase will lead to increased imports and current account deficits from 2026 to 2028, financed by foreign investments. Oil production is expected to begin in 2028, potentially doubling the economy by 2030.
However, macroeconomic stability is under threat. Although Suriname achieved primary fiscal surpluses between 2022 and 2024, 2025 saw a deterioration due to election-related spending and a surge in overdue payments to suppliers. This has depleted government cash reserves and increased pressure on the exchange rate. Inflation rose from 6% to over 10% in 2025, prompting the Central Bank of Suriname to intervene in the foreign exchange market while allowing money supply growth to exceed targets.
The IMF stresses the need for robust fiscal discipline in 2026–2027, recommending measures such as restoring budgetary discipline, maintaining clear spending limits, strengthening public finances, and addressing supplier arrears. Social spending in education, healthcare, utilities, and infrastructure should be increased gradually to ensure effective implementation.
Key recommendations include restoring automatic electricity tariff indexing, phasing out subsidies, and reallocating resources to social programs and investments. The IMF also calls for stronger tax collection, addressing gold smuggling, and enhancing governance to ensure oil revenues benefit the population. Transparency in state-owned enterprises, stricter monetary policies, and operationalizing a legal framework for bank resolution are also urged.
The IMF concludes that timely and consistent reforms are essential for Suriname to leverage its oil revenues for sustainable development. The coming years will be pivotal in shaping the nation’s economic future.