PARAMARIBO, Suriname, President Chandrikapersad “Chan,” Santokhi says his administration will on Wednesday announce a series of socio-economic measures amidst reports that the Dutch-speaking Caribbean Community (CARICOM) country will not be maintaining the SRD400 million (One SRD=US$0.03 cent) monthly fuel subsidy.
Santoshi, speaking at a news conference on Monday night, said that important decisions would be taken in the government council on Wednesday.
There are reports that the government cannot maintain the multi-million dollar fuel subsidy and that it will be phased out.
The government is also expected to announce a crackdown on smuggling to neighboring countries with the Central Bank of Suriname (CVBS), indicating that the exchange rate is above SRD 32 for every US dollar.
Central Bank Governor, Maurice Roemer, said this rate is slightly too high, and Santokhi told reporters that there would be intervention measures to stabilize the currency in close consultation with the Exchange Rate Stabilization Platform,
Santoshi said that these measures will apply for three months, until February 2023, and that vulnerable groups in society will be supported when the subsidy is phased out.
He said that there is an agreement with the International Monetary Fund (IMF) on the issue, and consultations are also underway with the multilateral organization to have the exchange rate set by the CVBS.
The government will also seek to guarantee imports of important goods and medicines. Stricter action will be taken to ensure that exporters exchange 35 percent of the proceeds of goods with a recognized financial institution.
The authorities have said that the direct interventions from the Ministry of Finance have also failed to have the desired effect and that the interventions for imports will take place in full.
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