IMF working closely with Suriname authorities, looks for progress in China talks
7:27 pm Thursday, April 13th, 2023
By Jorgelina do Rosario and Rodrigo Campos
(Reuters) – The International Monetary Fund is working closely with Suriname authorities to bring their financing program back, while looking for progress in government talks with China, a key creditor, an IMF official said on Thursday.
The IMF and Suriname engaged in a financing program for nearly $700 million in late 2021, but it stalled after the first review was approved more than a year ago. About $110 million in disbursements was announced before the program derailed.
“We’ve been working quite hard with them to try and bring the program back on track in order to continue with the investments in macro stability that the government has been making,” said Nigel Chalk, acting director of the Western Hemisphere department at the IMF, in a press conference.
“The authorities are here right now, we’re having discussions with them,” Chalk said, adding that he looks forward for a mission visit soon to “deepen those discussions.”
He said dealing with bilateral creditors has been “tricky” for Suriname, and asked about the eventual restructuring of the government’s debt to China, Chalk said:
“We had basically moved forward on the program on the basis that they were essentially not paying the debt to China and would be eventually restructured.”
Chalk also mentioned Suriname’s agreements with the Paris Club and India in terms of restructurings.
“Having some more progress on the debt restructuring talks with China would really help us with the program, and help the country,” he said.
(Reporting by Rodrigo Campos and Jorgelina do Rosario; Editing by Jonathan Oatis and Andrea Ricci)
