Suriname 

Suriname country policy

Policy established 02 February 2009

• Off cover
• Public buyers: ORIO facility
• Private buyers: SIF facility

Country class: 7

Suriname country facts

Atradius DSB Economic Research
Country Report last updated 12 March 2009
Country :  SURINAME  

Political Situation
Reasonably Stable

Head of state
President Ronald Venetiaan.

Form of government
A seven-party coalition: the New Front Plus.

Internal Economic Situation
Improved But Still Weak Structure

General situation
Sustained economic growth thanks to increased mineral output and high prices (bauxite, oil), public sector construction and the informal sector boosting private consumption. A period of softer US$/Sur$ and risen oil and food prices have boosted inflation to 18% p.a. in Oct 2008.  Bureaucracy, weak investor protection and poor contractual enforcement are cloudening Suriname’s business climate. Despite improved international liquidity, the economy continues to be highly dollarised and the banking sector weak by international standards. Moderately high corruption: 72nd of 180 on TI Index.

External Economic Situation
Improved; Still Arrears

Main sources of foreign exchange
Minerals (gold, bauxite, oil, nickel, silver), remittances from the Netherlands.

Main foreign markets
Norway (23%), EU (22%), Canada (16%), USA (13%).

Main expenses of foreign exchange
Capital goods, consumer goods.

 
Balance of payments 
Risen export revenues (more output, record high prices for alumina, gold and oil) and more FDI have benefitted Suriname’s external position, leading to higher balance of payments-surpluses and an accumulation of reserves until mid-2008. Stable exchange rate Sur$, pegged to the US$.