IMF to decide fate of Suriname programme on Dec. 22 -statement

NEW YORK, (Reuters) - The board of the International Monetary Fund will meet on Dec. 22 to discuss approval of a program for debt-laden Suriname, the Fund said on Tuesday, more than seven months after having reached a staff-level agreement with the government.

Suriname and the IMF in April reached a preliminary financing deal for close to $690 million. The board was updated on developments on the ground in late July.

Suriname’s authorities requested a three-year Extended Fund Facility. If approved by the IMF Executive Board, over $56 million would be immediately available for Suriname.

There is no set timeline for discussions, but once stafflevel agreements are reached it usually takes weeks for the board to make a decision, if agreed conditions are met.

The South American country is rated ‘selective default’ by S&P Global after missing payments earlier this year and last. The country has $675 million in outstanding bonds.

Suriname got a boost of about $170 million in reserves when the Fund distributed $650 billion across its members last August.