Suriname has signed a debt rescheduling agreement with China after four years of negotiations. The agreement, led by Finance Minister Stanley Raghoebarsing, involves repaying approximately $476 million owed to the China Exim Bank in two phases, while $68 million owed to the ICBC will be settled in a single payment. This development follows a key visit by President Santokhi to China.
The government of Suriname has successfully entered into a debt rescheduling agreement with China, as announced by Finance and Planning Minister Stanley Raghoebarsing during a session with the National Assembly. This significant development follows four years of extensive negotiations. Suriname currently owes the China Exim Bank approximately $476 million, with $140 million of that amount classified as arrears. The restructuring will take place in two phases for payments to the Exim Bank, while the debt owed to the Industrial and Commercial Bank of China (ICBC), amounting to $68 million, will be repaid in a single payment. Minister Raghoebarsing credited the visit of President Chandrikapersad Chan Santokhi to China earlier this year as pivotal in finalizing this agreement. The formal settlement process, although previously completed at technical and political levels, took considerable time before it was officially signed.
Suriname’s economic landscape has been challenged by substantial foreign debt, particularly to China. Over the past four years, the Suriname government has engaged in rigorous negotiations to restructure this debt to alleviate financial pressures and improve its standing with international lenders. The recent agreement to reschedule payments signifies a potential turning point in Suriname’s fiscal health, allowing the government to manage its repayment obligations more effectively, which is crucial for long-term economic stability.
In conclusion, Suriname’s debt rescheduling agreement with China marks a critical step towards improving the nation’s financial situation. The careful negotiation process led by Minister Raghoebarsing and President Chan Santokhi has resulted in a feasible plan for repayment, demonstrating the government’s commitment to addressing its fiscal challenges. This agreement offers hope for economic recovery and strengthens Suriname’s relations with its international creditors.
Original Source: caribbean.loopnews.com
