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Suriname
Quick Facts
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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 - Jaques R. KROSS
- Permanent Representative to the UN - Henry Leonard MAC-DONALD
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
General Trends
According to ECLAC's flagship report 'Economic Survey of Latin America and the Caribbean 2009-2010', strong performances in the oil and gold sectors and continued infrastructure development contributed to real GDP growth of 2.2% in 2009. While this growth was slower than the 2008 rate of 4.3%, it still meant that Suriname was one of the few Caribbean countries to post positive growth during the year.
source: ECLAC
Economic Performance
Preliminary Overview of the Caribbean economies 2008-2009 states that Suriname’s economy continued to grow in 2008, bolstered especially in the first half of the year by a booming commodities market. Real GDP growth rate is estimated to reach 5% for the year. Credit continued its expansionary route, with deposit rates remaining stable and lending rates falling even in the face of the global financial crisis and high inflation rates (18.1% in September 2008). It is expected that the current account surplus will decrease as a percentage of GDP, though it remains bolstered by mineral output. The fiscal position continues to be solid, augmented by increased revenue from minerals as well as increased indirect taxes. Uncertainty about commodity prices and inflation will remain the major challenges for economic policy in 2009 and though fiscal revenue as well as inflation are expected to moderate, GDP is expected to grow at 4.2% for the period.
source: ECLAC
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
- Suriname: 2008 Article IV Consultation. source: IMF
Suriname’s narrow economic base makes it prone to macroeconomic volatility. Three commodities (alumina, gold and oil) account for 80 percent of export receipts and 50 percent of GDP, and generate one-fourth of central government revenues. The prices of these products have exhibited large swings, and during the 1990s sharp downturns led to sizable fiscal deficits, external arrears, central bank budget financing and episodes of nearhyperinflation. Weak policy and institutional frameworks have contributed to higher economic volatility and lower growth than in other commodity-exporting countries.
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.
Economic Statistics
Suriname: Statistical Appendix. August 26, 2008. Source: IMF
Social Development
Draft country programme document for the Republic of Suriname (2008 – 2011)
The UN organizations in Suriname did a common country assessment (CCA) analyzing the development challenges facing Suriname from the perspective of the Millennium Development Goals (MDGs)
Source: UNDP
Statement by His Excellency Runaldo Ronald Venetiaan President of the Republic of Suriname on the occasion of the General Assembly High Level Event: Committing to Action: Achieving the Millennium Development Goals United Nations Headquarters, New York, 25 September 2008
Source: Government of Suriname
SURINAME Millennium Development Goals Baseline Report. 2005
With the adoption of the Millennium Declaration, including the Millennium Development Goals (MDGs),
Suriname, along with the rest of the international community, made a commitment to improve the lives of its
people and to ensure a humane existence for each individual. The main priority in Suriname's national policy is
development, focusing first and foremost on the wellbeing of its people. The need to keep development
high on the international agenda is therefore emphasized again and again at international conferences and
in multilateral organisations.
Source: Government of Suriname
Suriname: the impact of the May 2006 floods on sustainable livelihoods
March 2007.
The study makes use of the Sustainable Livelihoods Approach to analyze the impact of the floods on the affected households. It outlines the vulnerability context of the affected population and it maps the strategies of households to sustain a living.
Findings
Over 30,000 inhabitants were severely affected by the floods which wiped out existing food supplies and curtailed the production capacity for at least two harvests. Agriculture, both the selfsubsistence and the commercial type, was affected in major ways: crops on the fields could not be harvested, planting materials were lost, the plots could not be prepared in time for the next cycle, tools and equipment were damaged. In addition, food reserves were lost. Hunting and fishing remained available, except in the cases where water damage rendered
rifles and ammunition unusable.
Recommendations:
What is necessary to restore livelihoods, to reduce vulnerability and to increase resilience of Maroon and indigenous communities in the face of a natural disaster such as the flooding of their villages and lands? This report suggests that the answers to this question should be separated into two parts: measures for the short term and solutions for the medium and long term.
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
Education
Health
Legislation
Statistics
More Information
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Suriname and US-based company launch renewable fuel project. June 15, 2011
PARAMARIBO, Suriname -- In a bid to diversify the country’s energy base, Suriname has entered into an agreement with US-based PetroAlgae (PA) to establish farms for the production of renewable fuel and protein.
source: Caribbean Net News
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Former Suriname dictator struggling to form new government
June 28, 2010 PARAMARIBO, Suriname
Former Surinamese dictator Desi Bouterse (64) received stinging blows over the weekend in his bid to form a new goverment after the May 25th general elections.
Source: Caribbean Net News
Key Documents
Up one level- The Dollars and Sense of Trade Negotiations. June 2007
- Impact of changes in the European Union import regimes for sugar, banana and rice on selected CARICOM countries: LC/CAR/L.168
- 2005 Latin America and the Caribbean Selected Economic and Social Data
- Toward a Caribbean Vision 2020: A Regional Perspective on Development Challenges, Opportunities and Strategies for
- IMF Executive Board Concludes Article IV Consultation with Suriname
- Health in the Americas 2007: country profile for Suriname
- Implications of Trade Negotiations (WTO, EPA and FTAA)) for Surinamese Manufacturing Enterprises.
- Trade Integration in the Americas
- Suriname: the impact of the May 2006 floods on sustainable livelihoods
- SURINAME Millennium Development Goals Baseline Report. 2005
- Economic Survey of the Caribbean 2007-2008
- Draft country programme document for the Republic of Suriname (2008 – 2011)
Bibliography
Up one level- Stichting Natuurbehoud Suriname (STINASU)
- Amazonia ; Suriname
- Rainforestweb.org
- Suriname's Timber Trade
- Conservation International Suriname
- Marine turtles in Suriname
- Central Bank of Suriname-About Us
- CENTRALE BANK VAN SURINAME= Central Bank of Suriname
- International Monetary Fund - Suriname
- REPRODUCTIVE HEALTH AND RIGHTS: HIV/AIDS AND GENDER EQUALITY
- Youth Creating and Communicating on HIV/AIDS in the Caribbean' Workshop
- Evaluation Plan for: Country Programme Document UNDP Suriname
- The 1996 Suriname Elections
- Elections in Suriname
- Suriname's Political Theatre
- Guyana-Suriname Maritime Dispute
- Tropilab inc
- The archeology of the Guianas
- THE CULTURAL INDUSTRIES IN CARICOM: TRADE AND DEVELOPMENT CHALLENGES
- Latin America and the Caribbean Regional Brief. World Bank, 2008