WASHINGTON, October 18, 2012 — The World Bank Board of Directors today endorsed a new strategy that will guide the World Bank Group’s engagement in Suriname for the next two years. The Interim Strategy Note (ISN) is closely aligned with Suriname’s Development Plan (2012-2016) and focuses on improving good governance and social inclusiveness, as well as increasing economic diversification and growth.
"We are pleased to have resumed the relationship with the World Bank Group. Their development and competitiveness knowledge, financial products, and convening power will be important for supporting the new social and economic agenda of Suriname,” said Gilmore Hoefdraad, Governor of the Central Bank of Suriname.
Suriname fared well during the global economic crisis, with economic growth estimated to have risen from 3 percent in 2009 to 4.1 percent in 2010 and 4.2 percent in 2011. The country’s recent economic performance, one of the best in the region, has been driven by a rebound in the prices of Suriname’s main commodity exports (gold, petroleum, and alumina), higher production and export of gold and alumina, and increased government spending in 2009-10.
“We are committed to supporting Suriname’s development plan,” said Françoise Clottes, World Bank Director for the Caribbean. “The Government sees the World Bank Group as a partner and a source of strategic advice for cutting-edge global knowledge and best practices on development.”
The new ISN does not envisage lending and focuses on analytical work designed to inform policymakers and build knowledge on issues such as financial management, competitiveness, and social development.
This strategy builds on the ongoing successful relationship between Suriname and the World Bank Group, especially in areas where the Government has demonstrated special commitment to improve governance and increase transparency by:
- becoming a member of the International Finance Corporation (IFC), the private sector arm of the World Bank Group;
- providing recommendations to the corporate sector based on the Accounting and Auditing Report on Standards and Observance of Code (ROSC);
- joining the Reserves Advisory and Management Program (RAMP) of the World Bank Group; and
- applying for candidate country status in the Extractive Industries Transparency Initiative (EITI).
“This ISN is a good example of how the World Bank Group can adapt to fit the development needs of middle income countries such as Suriname,” Clottes concluded.
Some of the Bank’s planned activities in the country include supporting the current program, and expanding investment climate activities to increase the role of the private sector in the economy and promote regional integration.