Parliament criticizes government bond loan

Legislators from the opposition on Thursday criticized the government bond loan of USD 550 million and other loans. MP Mahinder Jogi (VHP) was almost removed from the conference room when he demanded to see the documents regarding the bond loan. The chairwoman of Parliament, Jennifer Geerlings-Simons, indicated that she partially agreed with the opposition’s demand but that she did not agree with the opposition’s proposal to put the discussions on hold until after Finance Minister Gillmore Hoefdraad has presented all documents to Parliament. The MPs from the opposition attended the session under protest and kept referring to the loans from the International Monetary Fund (IMF), the Islamic Development Bank (IsDB) and the government bond for which the people would have to pay a high price sooner or later in the form of repayments. The Finance Ministry indicated that it needs SRD 500 million in 2017. “This is very misleading because the recently issued bond loan of USD 550 million with an interest rate of 9.25% per year asks the people for USD 46 million interest while we must pay back USD 50 million. That will be nearly USD 500 million per year,” said MP Asiskumar Gajadien (VHP). MP Amzad Abdoel has a different opinion with regards to the loans. He pointed out that the IMF loan has opened doors for Suriname with the best intentions. “Each government that wants to do all it can for the people, negotiates and seeks the best opportunities for its people to the best of its capability,” said MP Abdoel. “Choices are made based on the current circumstances and the way those circumstances develop themselves. We could say that the circumstances keep changing in a crisis situation.”