Suriname to Continue Debt Talks with China in Early November – Foreign Minister
Suriname’s Proposal Receives Counter from China
Suriname’s Foreign Affairs Minister announced on Saturday that the country has received a counter to its proposal regarding bilateral debt negotiations with China. In order to continue the talks, the Foreign Minister will be traveling to Beijing in early November.
Optimism Surrounding Debt Agreement
The International Monetary Fund (IMF) expressed optimism that the ongoing dialogue between Suriname and China would lead to a debt agreement that aligns with the terms offered to other official creditors. Rodrigo Valdes, head of the IMF’s Western Hemisphere Department, emphasized the importance of resolving this matter for the next review.
Suriname’s Priority: Clarity on Payments
Foreign Minister Albert Ramdin highlighted the importance of finalizing the debt agreement, including politically. Suriname aims to ensure that China understands their priority in resolving the issue and seeks clarity on payments beyond 2024. Maturities have been a point of contention in the negotiations, as they have a longer period than what China prefers. However, Suriname acknowledged that China has already accommodated them in terms of interest rate relief and a spread of debt service.
IMF Program and Bondholder Agreement
Last month, the IMF board granted Suriname’s request for a waiver of non-compliance based on measures already taken, clearing the third review of Suriname’s over $600 million IMF program. Additionally, Suriname reached a deal with private bondholders in May, further stabilizing the country’s financial situation.
In conclusion, Suriname continues its efforts to reach a debt agreement with China, emphasizing the importance of clarity on payments and alignment with terms offered to other creditors. The ongoing dialogue and cooperation between the two countries, along with the support from the IMF, provide optimism for a favorable resolution.
