The Islamic Development Bank approved 450 million US dollars for the country’s strategy with Suriname

us dollars

The new Country Strategy between Suriname and the Inter-American Development Bank Group (IDBG) was approved by the IDBG Board of Directors on Wednesday 3 November. This document forms the basis of cooperation between the Islamic Development Bank and Suriname for the period 2021-2025.

The document states that strategic cooperation aims, among other things, to restore macroeconomic sustainability, enhance the competitiveness of the private sector and improve basic services and social safety nets. Long-term priorities focus on private sector development, digitalization, financial inclusion, and strengthening social protection.

When implementing the goals, work is done simultaneously on gender and diversity, climate change and environmental sustainability, institutional capacity and the rule of law. The 2021-2025 strategy includes 3 priority areas, 8 strategic objectives, 12 expected outcomes, and 15 indicators to measure progress.

To support the reform processes, the Islamic Development Bank will emphasize good coordination in the use of policy and investment tools. Technical and financial resources will also contribute to generating knowledge and skills for sustainable development. The Islamic Development Bank provides 450 million US dollars for the entire period of the strategy, which represents an average of 90 million US dollars in secured loans annually. This relates to resources independent of any cooperation with the IMF.

IDBG is working on a country strategy as follows: A year before a new strategy is formulated, Suriname is working together to collect data and other information. The Islamic Development Bank also continuously analyzes the financial and social situation of its member countries. On the basis of internal analysis, the Islamic Development Bank develops a support proposal. Then a dialogue is conducted on this matter between the Islamic Development Bank and the Government of Suriname.

This then results in the joint strategy being incorporated into the document submitted for approval. The strategy indicates the areas of focus, after which the preparation should take place in projects and programmes. The strategy lays the foundation for focus and priority areas for the next five years for sustainable development and growth.

The strategy was unanimously approved by the Board of Directors, which is made up of representatives from the 48 member countries of the Islamic Development Bank. The Board of Directors and management of IDBG have confidence in the formulated priority areas and have offered all support to achieve the 2021-2025 strategy with Suriname.

The Government of Suriname is happy to agree to the new strategy and believes that its implementation will have a sustainable impact on the further development of our country. Cooperation with the Islamic Development Bank also continued positively.

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