Happy Monday!

This week Suriname continued to be rocked by protests as Indigenous populations retaliated against the Grassalco mining company as the government has restructured the country’s debt.

Chaos in an indigenous village due to logging disputes ends in a shootout with two dead

• On Tuesday 2^nd May, the Pikin Saron village in Suriname was engulfed in chaos

• Many of the logging trucks were set on fire, while shots were fired and police officers were also injured. There were also attacks on the control office of the Foundation for Forest Management and Forest Supervision (SBB) and the police.

• The attacks are presumed to have been carried out because the Indigenous people of Pikin Saron have stated that their rights have been trampled on.

• The village discovered that their living area was designated as a lodging area. The residents said that there were ongoing negotiations with the government and Grassalco (a Surinamese mining company).

• The uprising saw a response from the police and the military which ended with Grassalco employees that were being held hostage being rescued.

• In an ensuing shootout, two people were killed.

Suriname’s teachers continue to protest low wages.

• Teachers are continuing their protests throughout the city as they demand higher wages. While the protest last week made its way to the President’s doorstep, which forced a meeting to take place among various ministers, there has been little action.

• The group protested again but was faced with resistance as the president’s office was heavily guarded. However, the group is demanding a food allowance or a salary increase, better healthcare, and other benefits.

• The protestors have also been warned by the police to protest in an orderly manner and not to disrupt public order and working people.

• While the government has agreed with various union representatives for an increase of SRD 2500 in compensation, the teachers have disagreed stating that it is not sufficient and have decided that they will continue their protests until their demands are met.

• The teachers have decided to petition Assembly Speaker Marinus Bee about their conditions. Many teachers in the interior of the country continue to struggle as a majority are dealing with poor housing facilities, high living expenses, poor power supply, and inadequate security.

Suriname’s debt has finally been restructured.

• The Surinamese government has finally reached an agreement with the bondholders on the restructuring of Oppenheimer debts.

• The restructuring will provide significant debt relief by allowing for a longer repayment period with lower repayments and interest rates, resulting in more financial breathing room for a balanced budget.

• The agreement includes two instruments: a new bond and a Value Recovery Instrument (VRI). As part of the Value Recovery Agreement, the Surinamese government will designate a certain percentage of royalty revenues from Block 58’s oil discoveries. This will 2% of revenues to go to the bondholders.

• The implementation of the restructuring still needs to be legally agreed between bondholders and the government and a Staff-Level Agreement (SLA) to be reached with the International Monetary Fund (IMF).

• This agreement will provide Suriname with the necessary funds for economic recovery.