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IMF board clears Suriname review, sees advance in China debt talks

IMF board clears Suriname review, sees advance in China debt talks © Reuters. FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo

NEW YORK (Reuters) -The board of the International Monetary Fund said on Monday it had completed a third review of Suriname’s $630 million program, allowing the government of the South American country to withdraw about $52 million.

The IMF also sees Suriname and China, its only official or private creditor without a debt agreement, advancing in debt talks before the next program review.

“The authorities have made concerted efforts to advance debt restructuring negotiations, with the agreements in line with program parameters reached with all creditors except China,” said in a statement Kenji Okamura, the fund’s deputy managing director. “Both sides expressed commitment to work towards an agreement on comparable terms with other creditors by the next review.”

The government and the fund had struck a staff-level agreement late last month. The board’s approval allows the government to draw about $52 million, most of which will be used for budget support.

Even as Suriname did not meet all performance criteria, the board also approved the government’s request for a waiver “based on the corrective measures already taken.”

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