WASHINGTON, CMC – The Inter-American Development Bank (IDB)Monday said it has approved a US$150 million loan to Suriname to support public management and transparency policies.
The Washington-based financial institution said this project will contribute to the Dutch-speaking Caribbean Community (CARICOM) country’s economic growth and fiscal sustainability by improving government agencies’ accountability mechanisms, among other actions.
The IDB said the “Support to Public Management and Transparency Policies in Suriname Project” will strengthen civil service accountability mechanisms, improve reporting mechanisms on public financial management, and address vulnerabilities in the financial integrity framework.
It said these three work areas are critical for the country to achieve macroeconomic and fiscal stability.
“This project will benefit the citizens of Suriname by supporting transparency in the financial and non-financial sectors while strengthening systems for the prevention and detection of corruption.”
The IDB said that the project has four components.
The first focuses on ensuring the existence of a stable macroeconomic context. The second seeks to improve integrity and anti-corruption governance in the public sector. The third supports transparency in general financial management, and the fourth strengthens the financial integrity framework.
Specifically, the project will strengthen legal frameworks, build institutional capacities of governmental bodies to prevent corruption, improve financial reporting, and combat money laundering and terrorist financing to tackle illicit financial flows. It will also enhance personnel management in the public sector.
The US$150 million IDB loan to Suriname has a 20-year repayment term, a 5.5-year grace period, and an interest rate based on the Secured Overnight Financing Rate (SOFR.)
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