Suriname lands $478M IMF loan to boost economic reform plan

PARAMARIBO: The South American country of Suriname has landed a $478 million loan from the International Monetary Fund to boost an economic reform programme amid a drop in commodity prices.

The IMF says it will immediately disburse $81 million as part of a two-year deal announced Friday.

The reform aims to stabilise Suriname's finances following a drop in prices for its principal exports including gold and oil. The country's main alumina refinery also shut down last year.

The IMF said Suriname faces what it called substantial fiscal deficits and a rundown of international reserves.

Suriname plans to create a value-added tax and eliminate electric power subsidies as part of the reform.