Suriname, a low-lying country situated in the Northern part of South America, borders the Atlantic Ocean and lies between Guyana and French Guyana with a southern border with Brazil. Suriname has a multi-ethnic population of 524,345, 82% of which lives in the coastal area and 18% in the interior, having one  of the lowest population densities in the world. Suriname’s ethnic groups include: Hindustanis (27%); Creoles (17.7%); Javanese (14.6%); Maroons (14%) and Amerindians (3.7%) as well as people of European, Chinese and other descent. An estimated 10% of the population is from Brazil. About 41% are Christians, 20% Hindus and 13% Muslim. Dutch is the official language of country, although English and Sranang Tongo (a native Creole language) are widely spoken.

Suriname’s economy has been dominated by the mineral and energy sectors (gold, oil, and alumina) which account for approximately 30% of GDP. Agriculture and manufacturing, though relatively small, remain important goods producing sectors. The service sector, 45% of GDP, is driven primarily by trade and transport activities, while personal services and transport and communications have been the fastest growing sectors. In 2001, financial services overtook trade, restaurants and hotels as the single most important service activity in the country. The tourism sector is 15% of GDP. The informal sector is also significant and may increase current estimates of GDP by up to 16% according to the Bureau of Statistics.

In 2011, GDP growth accelerated to 5% from 4.5% in 2010 and 3% in 2009 , driven mainly by continued buoyant commodity export prices (gold, petroleum, and alumina), elevated government spending and large capital investments in the mineral and energy sectors. Growth is expected to average around 4-5 % in 2012-13. Overall, the medium-term economic outlook for Suriname is favorable. Growth prospects for the coming years look promising. Major new gold and bauxite mines are to be opened in 2013, providing further impetus to economic growth and government revenue. A key challenge for the economy is the containment of inflation expectation associated with the 2011 devaluation of the exchange rate, as well as the possibility that recently implemented revenue measures, which focus on consumption tax increases, would add to inflationary pressures in the short run. To mitigate some of these impulses, the authorities have been and are expected to remain vigilant, tightening monetary policy as needed. Inflation levels are still very high (15.4% as of November 2011) but are slowly easing. The Economist Intelligence Unit forecast a decline of inflation to the upper single digits in 2012.

Since October 2010, the World Bank is working in partnership with the Government of Suriname to develop an Interim Strategy Note (ISN). The ISN is a two-year strategy that will guide the World Bank Group’s engagement in Suriname. The ISN supports selected areas of the Government of Suriname’s Multi-Year Annual Development Plan (2012-2017).

The World Bank is working with the Government to prepare a Public Financial Management Reform Plan, which includes the preparation of a Fiduciary Note. The World Bank is also conducting the Report on Standards and Observance of Code (ROSC) exercise, which will support financial institutions to learn from and attain international best practices in the field of auditing and accounting in Suriname. The ROSC will assess the strengths and weaknesses of accounting, auditing, and financial reporting practices and assist the country’s authorities in developing an action plan for improving institutional capacity.

As of September 2011, the Government of Suriname has joined the International Financial Corporation (IFC) as its 183rd member and entered into an agreement with the World Bank’s Treasury to provide support services to Suriname’s Central Bank. Suriname is also in the initial stages of joining the Extractive Industries Transparency Initiative (EITI) and joined the Forest Carbon Partnership Facility (FCPF) in 2009.

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