World Bank announces IDA access and aid for Suriname, praises reforms

Carlos Felipe Jaramillo, the Regional Vice President of the World Bank, came to Suriname on Monday for a working visit which saw him interacting with President Chandrikapersad Santokhi on multiple matters of significance to the CARICOM nation.

Jaramillo, who happens to be the senior vice president for Latin America and the Caribbean, is visiting Suriname for the first time, marking an important development in Suriname’s bid for a better economic future.

He also gave a statement in which he said, “We are impressed with how Suriname is gradually emerging from the debt crisis. Many good decisions have been made. Difficult decisions, sometimes painful, but necessary to bring the situation under control and stabilise the economy.”

The World Bank has made a commitment to Suriname, which will see the nation receiving aid and gaining access to vital funding from the International Development Association (IDA). The idea is that that if Suriname manages to complete procedures to become a member of the International Development Association (IDA), the nation will be able to avail a long-term soft loan of US$22.5 million. Jaramillo went on to state the following, “My visit is also to take the World Bank’s support to Suriname to the ‘next level’ That’s why the most important announcement today is, we are pleased that Suriname is being granted access to the concessional arm of the World Bank, the IDA.”

Suriname already has the support of the World Bank which is funding infrastructure projects as well as entrepreneurial initiatives in the nation. Examples of this include loans for small to medium-sized entrepreneurs looking to ramp up production and the clean-up of the Saramacca Canal.

It has been said that the IDA is one of the tools at the disposal of the World Bank and has had a specific focus on vulnerable nations which need access to resources, a thought process that Stanley Raghoebarsing, the Finance and Planning Minister has seconded.

He also spoke of long-term loans with low interest rates and concessional loans, adding that, “These were usually island states or small states with major risks. That is our country. We have applied for IDA and it is being processed for approval. When approval comes – we expect it in July – it will mean that US$22.5 million will be available for the first year on very soft terms.”

According to Santokhi, the funds received will be used for bringing economic stability to the nation, which will directly benefit the people of the nation and bring a sense of economic security to the community at large.

Thus, the Government of Suriname is looking at these developments and initiatives as vital actions which are meant to bring a lasting positive change to the nation.