Next electricity hike no longer necessary “The worst is over”

“We believe that the worst is over,” Finance Minister Gillmore Hoefdraad told foreign reporters in Hong Kong. The Finance minister went to Hong Kong to look for investors who are willing to invest in Suriname. The Surinamese economy still is not in smooth waters but Minister Hoefdraad pointed out that his projections indicate that the worst storm is over. The government therefore has a reason to ask the International Monetary Fund (IMF) to delay the next electricity hike. The government is expected to discuss the issue with the IMF at the beginning of November. Minister Hoefdraad does not expect any objections from the IMF regarding the issue because of the fact that it was Suriname that had suggested the measure in the first place. The IMF had not instructed Suriname to raise the price of electricity in order to get the $ 478 million loan. Minister Hoefdraad explained that the Surinamese economy and the Surinamese currency are recovering faster than had initially been anticipated. The IMF had estimated the budget deficit for 2016 to be 6.4% but Hoefdraad pointed out that this has been lowered to less than 4% as a result of the strict budgetary measures. The strict budgetary measures will remain in effect and more measures aimed at increasing the government’s income will be discussed with the IMF. “We are in a difficult situation but the future is looking rosy,” said Minister Hoefdraad during an interview with Bloomberg. “We want to implement reforms aimed at improving the investment climate so that all problems will become a thing of the past.”