Suriname Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in suriname, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Investment Climate Statement
Last published date:

The U.S. Department of State’s Investment Climate Statements provide information on the business climates of more than 170 economies and are prepared by economic officers stationed in embassies and posts around the world. They analyze a variety of economies that are or could be markets for U.S. businesses.  The Investment Climate Statements are also references for working with partner governments to create enabling business environments that are not only economically sound, but address issues of labor, human rights, responsible business conduct, and steps taken to combat corruption.  The reports cover topics including Openness to Investment, Legal and Regulatory Systems, Protection of Real and Intellectual Property Rights, Financial Sector, State-Owned Enterprises, Responsible Business Conduct, and Corruption.

Executive Summary

The government of Suriname officially supports and encourages business development through local and foreign investment. The overall investment climate favors U.S. investors with experience working in developing countries. To attract foreign direct investment (FDI), authorities have planned to update institutional and legal frameworks to protect investors and eliminate restrictions regarding investment income transfers and control related FDI flows. However, the World Trade Organization’s 2019 Trade Policy Review concluded that Suriname’s investment regime has not changed since its last review in 2013.  The report states that the overall regime, particularly the approval of FDI, may be discretionary rather than rules based.

The extractives sector has historically attracted significant FDI, but numerous factors negatively impact the investment climate. These factors include an unclear process for awarding concessions and public tenders, corruption, institutional capacity constraints, and a lack of overall transparency. In January 2020, Apache and Total announced a “significant oil discovery” off the coast of Suriname in block 58, followed by similar discoveries in April 2020, July 2020, January 2021, and February 2022. In December 2020, Malaysian national oil company Petronas and ExxonMobil announced a discovery of hydrocarbons in Suriname’s Block 52. The International Oil companies have delayed the anticipated 2022 Final Investment Decision citing that more time is needed for exploration after having encountered some unproductive wells in block 58. International oil companies continue to explore both near shore and offshore. U.S.-based Newmont Corporation and Canada-based IAMGOLD that sold its Suriname operation in October 2022 to PCR based Zijin Mining Group – are the two major multinational gold companies in Suriname. They continue to be the key players in Suriname’s gold mining sector, generating significant revenues for the government.

Suriname’s economy has been in decline for the past eight years. To address this decline, the government developed an economic and recovery plan to deal with these serious economic conditions. After taking office in July 2020, President Chandrikapersad Santokhi’s administration opened negotiations with the International Monetary Fund to arrange a financial assistance package and began talks with international bondholders to restructure Suriname’s repayment schedule.

On December 22, 2021, the International Monetary Fund (IMF) approved a 36-month, $688 million Extended Fund Facility (EFF) for Suriname. The EFF will support the government’s economic recovery plan to restore fiscal sustainability, bring public debt down to sustainable levels, upgrade the monetary and exchange rate policy framework, stabilize the financial system, and strengthen institutional capacity to tackle corruption and money laundering and improve governance.

On March 23, 2022, Executive board of the IMF completed the first review of the arrangement under the Extended Fund Facility (EFF) for Suriname. The board’s decision allowed for an immediate disbursement of U$ 55 million. The IMF released a second tranche on March 23, 2022, but subsequent tranches have been indefinitely delayed.

Since taking office, the Santokhi administration allowed the Surinamese dollar to float on the open market, raised taxes on fuel, increased prices for utilities, passed a new law on foreign currency, amended the State Debt Act to allow the government to take loans to address COVID-19, and began reforms of Suriname’s large civil service sector. The government implemented per January 01, 2023, a value-added tax. Suriname’s return to pre pandemic levels of economic activity will take longer because Russia’s invasion of Ukraine has impacted Suriname’s food security, caused supply chain disruptions, and led to inflation.

To access the ICS, visit the U.S. Department of State Investment Climate Statements website.

 

 


 

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