President Santokhi is running for a 2nd term

Happy Monday!

This week we cover President Santokhi’s expected candidacy for a second presidential term in 2025, over 10,000 candidates have been nominated for the National Assembly for Suriname’s 2025 election, and Suriname is expected to grow 3% this year according to the IMF.

Suriname’s President confirms his running for the 2025 presidential election.

• Surinamese President Chan Santokhi has confirmed his candidacy for a second term, with full support from his party, VHP. He aims to complete the work started in July 2020, despite challenges like the COVID-19 crisis and a strict IMF program, which ends this month.

• Santokhi believes policy continuity is crucial to avoid setbacks and emphasizes that voters will decide the future government.

• He acknowledges public dissatisfaction but insists that economic recovery requires tough measures. Through the "Meet the People" campaign, efforts are being made to explain government decisions.

• A governance failure was exposed when Santokhi discovered that residents near his office lacked safe drinking water, which local officials failed to report. The SWM has now been ordered to resolve the issue.

• At the VHP Congress, candidate lists were approved with some changes. The party has until March 25 to make further adjustments. Candidate Arnold 'Kadensi' Boekoeroe was removed from the list after falsely denying a criminal record, though discussions on his future role continue.

Over 10,000 candidates will be nominated for the National Assembly by various parties.

• On March 25, over 10,000 candidates will be nominated for The National Assembly, district councils (dc), and resort councils (rc). Civil servants on the candidate lists can request two months of leave, though there is no legal basis for this, according to Nasier Eskak, Director of Home Affairs.

• Each party can nominate 51 main candidates and 25 shadow candidates for The National Assembly. There are 784 positions for resort councils and 120 for district councils, with additional shadow candidates allowed.

• If all slots are filled, each party can have 1,000 candidates, leading to a potential total of 14,000 candidates across 14 parties.

• Meanwhile, Coronie still needs a new district commissioner. Rianto Kasanmoesdiran will be sworn in this week and must also be quickly trained as chairman of the Coronie electoral office.

• Other acting appointments include Senrita Gobardhan (Kabalebo), Bholanath Narain (Saramacca), and Safiek Goelaman (Wanica Southeast). The official resolution for these changes is still pending.

Suriname’s economy is expected to grow by 3% in 2025 according to the IMF.

• Suriname's economy is expected to grow by 3% in 2025, with inflation decreasing steadily. Investor confidence and international reserves have improved, according to IMF official Anastasia Guscina, after the final review of Suriname’s economic recovery program under the Extended Fund Facility (EFF).

• However, short-term risks remain, including capacity constraints and policy challenges due to a difficult socio-political climate. In the medium term, Suriname's economic outlook has improved, especially with the Final Investment Decision (FID) paving the way for offshore oil production by 2028.

• The main challenge is maintaining fiscal discipline. The primary budget target was missed due to lower-than-expected revenues and overspending on electricity subsidies. The government also assisted rice farmers affected by drought and is now implementing corrective measures to align with the 2025 budget.

• The National Assembly recently approved financial management reforms to strengthen fiscal policies and efficiently manage future oil revenues, but broader reforms are needed in the energy sector.

• Protecting vulnerable groups remains a priority. Social protection spending has more than doubled, but implementation challenges persist, particularly in remote regions. Authorities must urgently implement a strategic plan to improve social assistance delivery.

• The IMF mission, which visited from February 5–14, concluded its final review. Once approved, Suriname will have received a total of US$ 565.4 million from the IMF.

President Santokhi is courting a new bank in their investment in Suriname: BRED Banque Populaire.

• BRED Banque Populaire, an international bank with 475 branches worldwide, including French Guiana, has expressed interest in investing in Suriname and establishing an office in Paramaribo. The bank aims to contribute to the development of Suriname’s financial sector.

• President Chan Santokhi met with a bank delegation, led by Thierry Boidart (Chief of Staff), to discuss financial sector growth. Also present were Amar Alakhramsing (CEO) and Preshant Awadhpersad (Director of Investment Promotion) from the Suriname Investment & Trade Agency.

• Boidart emphasized the importance of a strong and innovative banking sector and stated that the bank seeks to develop projects in the short term. President Santokhi highlighted the crucial role of the private sector in Suriname’s economic growth.

• Following the presidential meeting, the BRED Banque Populaire delegation will hold talks with Surinamese banks, starting with a meeting with the Central Bank of Suriname and Governor Maurice Roemer.