Suriname refinances foreign debt

Happy Monday!

This week Suriname refinanced its refinanced debt, the country prepares for its 50 year independence, and questions are raised regarding influx of Haitians without work permits in Suriname

Government refinances foreign debt: no new loan, but breathing room

• Suriname successfully raised about USD 1.6 billion on international markets through a refinancing operation, not a new loan, marking its return to the global capital market and boosting investor confidence.

• The funds will repay older, more expensive debt, extending repayment to 2033, with the goal of easing short-term budget pressure until expected oil revenues begin flowing.

• The 7.95% Cash/PIK Notes due 2033 replace previous bonds under the 2023 restructuring, allowing investors to tender existing notes at USD 1,002.50 per USD 1,000 face value.

• The operation, managed by BofA Securities, was tightly coordinated through the U.S. DTC platform and limited to professional investors, ensuring international transparency and compliance.

• The government emphasizes this as “buying time to grow”, not to borrow—using the fiscal breathing space to support reforms while maintaining discipline without direct IMF funding.

• Analysts caution that the refinancing offers only temporary relief, with sustainability depending on oil income, political stability, and disciplined fiscal management.

• Economist Steven Debipersad (VES) supports the step as necessary to avoid harsh austerity but criticizes poor government communication and urges full transparency on terms, IMF coordination, and use of freed-up funds.

• He warns that the real test lies in governance: using future oil revenues for productive investment rather than consumption to avoid mismanagement and ensure lasting financial recovery.
  

Bouva: King's state visit must lead to tangible economic results

• Minister Melvin Bouva announced the diplomatic agenda for Suriname’s 50th Srefidensi anniversary and the state visit of King Willem-Alexander from December 1–3.

• The state visit will emphasize strengthening bilateral relations, economic diplomacy, and include meetings with key institutions and a discussion on slavery and the colonial past.

• Bouva stressed that Suriname seeks tangible outcomes and agreements, with coordination still underway between both governments.

• Eleven high-level confirmations have been received for the anniversary celebrations, including dignitaries from the Netherlands, Caribbean nations, Venezuela, Cuba, China, Ghana, the UN, OAS, and French Guiana.

• Suriname aims for strong CARICOM participation, with Jamaica (the current chair) already approached to attend.

• The host country will cover lodging, transport, and security costs, with final expense estimates expected in early November.

• Bouva reaffirmed Suriname’s foreign policy of “friends with all, enemies of none,” emphasizing that diplomacy must lead to measurable gains in trade and investment.

• The country faces a packed international schedule, including the Brazil Climate Summit, COP-30, CELAC-EU Summit, and Summit of the Americas in the coming months.

Figures show large influx of Haitians, but few work permits

• Since 2020, around 15,000 Haitians have arrived in Suriname, but only 108 applied for work permits; about 4,000 have left, leaving an estimated 10,000 undocumented or using Suriname as a transit route to other countries.

• The reason for the influx remains unclear, and government transparency is limited — the Justice and Police Ministry refused to release migration figures, and officials responsible for updates are currently unavailable.

• Former Foreign Minister Albert Ramdin said Suriname’s open migration policy made it a transit country and that charter flights by Saya Tours via Fly Allways were halted amid trafficking concerns.

• Ramdin emphasized that Suriname must tighten migration controls to maintain its top U.S. ranking in the Trafficking in Persons report and avoid damaging relations with France and the United States.

• Haitians reportedly paid USD 2,700–4,000 each to travel to Suriname—roughly a year’s salary in Haiti—through Saya Tours, which claims to have provided financial guarantees for all travelers.

• Saya denies charging extra or making large profits, insisting the flights aimed to support the Haitian community, though he admits his political connections made obtaining permits easier.

• The Miami Herald reported in 2024 that the Haitian consulate in Paramaribo was dismantled amid human trafficking suspicions, which the staff denies.

• Despite the visa ban and halted charters, 857 Haitians still entered Suriname in 2025, raising questions about ongoing migration routes and enforcement of current restrictions.