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Suriname will receive a US$40 million loan to strengthen its financial sector

The Inter-American Development Bank (IDB) approved a US$40 million loan that supports the Government of Suriname’s comprehensive and fundamental financial sector reform program designed to strengthen financial institutions and financial markets and increase their effectiveness.

Suriname has enjoyed robust and macro economically balanced growth for the past five years,” said IDB team leader Frank Nieder. “The program should accelerate the development of financial market in a sustainable maner and will reduce their vulnerability to macroeconomic shocks.”

This operation will help create a better enabling environment for public and private financial markets and institutions and to strengthen the Central Bank of Suriname in the conduct of its responsibilities.

Policy measures will be adopted in the framework in the areas of macroeconomic policy, legal and regulatory framework, financial sector supervision, inter-bank and securities market development, complementary institutions for broader access to finance, and public bank reform.

This financing is the first of a series of three policy-based program loans estimated to total US$70 million. The loan is for a 20-year term, with a five-year grace period, and at a variable interest rate based on LIBOR. The Central Bank of Suriname will be in charge of the project.

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