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Suriname to strengthen financial sector with US$40 million loan

by: - December 13, 2011
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Flag of Suriname. Photo credit: mapsofworld.com

WASHINGTON, USA — The Inter-American Development Bank (IDB) has approved a US$40 million loan that supports the government of Suriname’s comprehensive and fundamental financial sector reform program designed to strengthen financial institutions and financial markets and increase their effectiveness.

“Suriname has enjoyed robust and macro economically balanced growth for the past five years,” said IDB team leader Frank Nieder. “The program should accelerate the development of financial market in a sustainable manner and will reduce their vulnerability to macroeconomic shocks.”

This operation will help create a better enabling environment for public and private financial markets and institutions and to strengthen the Central Bank of Suriname in the conduct of its responsibilities.

Policy measures will be adopted in the framework in the areas of macroeconomic policy, legal and regulatory framework, financial sector supervision, inter-bank and securities market development, complementary institutions for broader access to finance, and public bank reform.

This financing is the first of a series of three policy-based program loans estimated to total US$70 million.

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