Suriname picks an ambassador and a minister; and the head of the opposition has thoughts.

Happy Monday!

The Surinamese news cycle can get back to business as the news continued to revolve around the World Cup and Argentina's win. Suriname has sworn in its ambassador to China and its new Minister of Finance & Planning. Also, the head of the opposition and the prior government has thoughts on the country's future.  

President swears in Pick Fung Chong as the ambassador of Suriname to China.

Discussing the future between Suriname and China, Pick Fung Chong has been appointed as the new Surinamese Ambassador to China by President Chan Santokhi. He emphasized the importance of strengthening mutually beneficial ties in areas such as trade, the economy, and the humanitarian relationship.

Talks will continue at a policy and diplomatic level to conclude negotiations. Furthermore, Ambassador Chong pledged to contribute to the implementation of strategic cooperation between the countries and the strengthening of political confidence.

Raghoebarsing sworn in as new Minister of Finance & Planning.

The new Minister of Finance and Planning in Suriname, Stanley Raghoebarsing, will submit a new budget for 2023 adjusting to Suriname’s new financial reality. As Suriname continues to suffer from high inflation and a weak domestic currency, the government plans to implement a social programme beginning in January. Raghoebarsing plans to work closely with international financial institutions. Raghoebarsing has called on companies driving inflation to stop and has indicated that he will use incentives to ensure this stops.

He plans to follow three main lines to improve the economy: a reasonable budget, increased revenues and decreased expenditures, and better coordination between the government and the Central Bank. Raghoebarsing plans to focus on collecting tax revenue from sources other than wage earners, a long-standing issue for Suriname and will work to improve the retention scheme for exporters. The minister told the International Monetary Fund (IMF) it is partly responsible for the current situation in Suriname due to its decision to lend money to the previous government resulting in an additional debt of US$81 million. As a result, he has requested a stand-by arrangement with the IMF and has asked for Suriname to be included to be eligible for the IMF's pandemic response plan.

He has also stressed the importance of consulting with the broader economic community in Suriname, from businesses to trade unions and civil society.

National Democratic Party (NDP) leader Rabin Parmessar has his say on the budget and VAT.

The NDP, the head of the current opposition and head of the former government, has reservations about the government budget and implementation of VAT. The party’s leader, Rabin Parmessar has stated that discussing the 2023 budget in Suriname is expected to be delayed until at least February due to adjustments.

He has stated that the current budget has been replaced by recent developments and should be withdrawn in favour of a new one. While also stating that the law on VAT (Value Added Tax) currently in place needs to be corrected. He has also stated that changing wage tax brackets expected to be implemented through a state decree is a violation of the constitution. In his role as the opposition, he has emphasized the importance of debate in these matters.

Suriname has 16 months to address issues identified by the Caribbean Financial Action Task Force (CFATF) in order to avoid being placed on the greylist or blacklist.

A Surinamese delegation was present at the 55th plenary meeting of the CFATF in the Cayman Islands, where the Mutual Evaluation Report was discussed and approved with the exception of one aspect related to terrorist financing. Suriname has to address legislation and take measures to comply with FATF standards related to terrorist financing. A committee led by the president and vice president has been established to address recommendations made by the CFATF. The government has committed to working hard to meet the requirements and will undergo tight monitoring to ensure that necessary changes are made.