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Suriname

Quick Facts

Population:	436,935
Land area:	163,270 square Km
Capital:	Paramaribo
Language(s):	Dutch English
Local Currency:	Surinamese guilder (SRG)
Exchange:
UNDP Human Development Rank:	89 of 177
Life Expectancy:	69.1
Adult Literacy rate:	88.0
Official Government website:	http://www.parbo.com/gov/

Government

President - Runaldo Ronald VENETIAAN
Vice President - Ramdien SARDJOE
Min. of Agriculture, Animal Husbandry, & Fisheries - Kermechend RAGHOEBARSINGH
Min. of Defense - Ivan FERNALD
Min. of Education & Human Development -Edwin WOLF
Min. of Finance - Humphrey HILDENBERG
Min. of Foreign Affairs - Lygia KRAAG-KETELDIJK
Min. of Public Health - Celcius WATERBERG
Min. of Home Affairs - Maurits S. HASSANKHAN
Min. of Justice & Police - Chandrikapersad SANTHOKI
Min. of Labor, Technological Development and Environment - Joyce D. AMARELLO-WILLIAMS
Min. of Natural Resources - Gregory RUSLAND
Min. of Physical Planning, Land and Forestry Management - Michael JONG TJIEN FA
Min. of Planning & Development Cooperation - Rick Van RAVENSWAAY
Min. of Public Works - Ganeshkoemar KANHAI
Min. of Regional Development Michel FELISIE
Min. of Social Affairs & Housing - Hendrik SETROWIDJOJO
Min. of Trade & Industry - Clifford P. MARICA
Min. of Transportation, Communication, & Tourism - Alica H AMAFO
Pres., Central Bank- Andre TELTING
Ambassador to the US - Henry ILLES
Permanent Representative to the UN - Ewald Wensley LIMON

Public Holidays: New Year's Day (01 January); Phagwah; Ash Wednesday; Good Friday; Easter Monday; Id-Ul-Fitr; Labour Day (01 May); Emancipation Day (01 July); Diwali; Independence Day (25 November); Christmas Day (25 December); Boxing Day (26 December)

Economic Development

Economic Survey of the Caribbean 2007-2008

The survey provides an overview of the economic performance of countries of the Caribbean Development and Cooperation Committee (CDCC) for the year 2007 and their outlook for 2008. The last chapter presents country briefs with the main macroeconomic developments in 2007 and the outlook for 2008.

In 2007 the Suriname economy grew by 5.3%, led again by increasing mineral production, with the mining and quarrying sector expanding by 10.6% coupled with increasing international commodity prices. An overall fiscal surplus of approximately 2.5% of GDP was recorded, making it two consecutive years of surpluses. The Central Bank lowered its cash reserve requirement from 27% to 25% as well as its deposit rates in response to perceived macroeconomic stability; as a result, M1 increased by 22%. Expanding credit coupled with externally driven increases in the prices of food and fuel increased the year end 2007 inflation rate to 8.3% (4.7% in 2006).

The current account exhibited yet another year of surplus, with the trade surplus expanding 16.15% in 2007. The government continues to focus on prudent fiscal policies in order to maintain a stable exchange rate and controlling the pressure on the inflation rate. In 2008, GDP is expected to grow by 5.5%.

Economic Performance for 2006

Sources: IMF Executive Board Concludes Article IV Consultation with Suriname,The World Fact Book

Since the re-appointment of Ronald VENETIAAN's administration in 2005, Suriname’s economic growth has been steadily increasing. Real growth is estimated at 6.4% in 2006 compared to the 5.2% in 2004. Sectoral contribution thrives from a dominating mining industry, where increases in the development of projects for bauxite and gold mining sectors put the country in better economic standing for 2006.

Political stability was another focal point for the Surinamese development in the 21st Century, where proper management of the monetary and fiscal situation must be especially highlighted. A fiscal surplus estimated at 1.4% of GDP was recorded in 2006, as tax contributions by primary product exporters increased thanks to high prices on international markets. Whilst simultaneously, the monetary authorities adopted an expansionary policy. Interest rates on bonds and local reserve requirements fell from 12.5% to 10%, leading to increases in the maximum value of mortgage loans, and commercial banks were able to raise the flow of credit to the public.

In 2006, large amounts of rainfall triggered flooding in the indigenous communities. Socio-economic displacement was estimated at 20-25,000 people of the interior and rural areas. United Nations ECLAC uses a disaster assessment methodology to estimate the socio-economic impacts of a natural disaster. Official statistics on the affected sectors were difficult to estimate; areas such as the education sector, the number of private and public schools were particularly difficult to capture, as records of the situation prior to the flooding were unavailable.(sources: ECLAC Disaster Assessment, Suriname 2-10 November 2006, Floods in Suriname)

Despite this sudden disaster, the formal economy was scarcely affected due to these communities being mostly self-sufficient (except for the budding tourism sector). With this information on the rural areas, the agricultural sector still expanded by 22%, and the balance of payments also showed developments in alumina and gold exports with a decline in imports. In turn, the country enjoyed their first balance of payments surplus for the first time in five years.

From projections, 2007 seems positive for the country of suriname. Once fiscal operations is controlled and international prices remain at a stable pace, then inflation (which was around 15% in 2005, but improved to 5.6% in 2006) could be controlled and hence unemployment.

Social Development

2005 Country Reports on Human Rights Practices (Western Hemisphere)

All men and women desire and deserve to live in dignity and liberty. As President Bush said: "The advance of freedom is the great story of our time." Promoting human rights and democracy is a worldwide phenomenon and there is a growing global discussion of democracy and the universal values protected by democratic governance.

By defending and advancing human rights and democratic principles, we keep faith with our country’s most cherished values and lay the foundation for lasting peace. Fulfilling the promise of the United Nations Universal Declaration of Human Rights and building vibrant democracies worldwide will take generations, but it is work of the utmost urgency that cannot be delayed.
Source:US Dept. of State