India agrees to debt restructuring with Suriname
Key Points(5)
- The Indian government has agreed to a request from Suriname for restructuring the “relatively small” debt of US$38 million, Foreign Affairs, International Business and International Cooperation Minister, Albert Ramdin has said.
- “On that basis, we hope that there will be cooperation between Exim Bank India and the Ministry of Finance and Planning to sign the agreement soon.
- Ramdin said Paramaribo is hoping that China has taken note of the restructuring agreement with India.
- Ramdin said Suriname’s debt to China’s debt is between US$400 and US$500 million, but remains hopeful that the Dutch Caribbean country will soon reach an agreement with China.
- According to the minister, things are a bit more complex with China.
The Indian government has agreed to a request from Suriname for restructuring the “relatively small” debt of US$38 million, Foreign Affairs, International Business and International Cooperation Minister, Albert Ramdin has said.
“It is symbolically important that we came to a conclusion because this is one of the outstanding bilateral debt arrangements,” Ramdin said, as the Dutch-speaking Caribbean Community (CARICOM) country recorded its third consecutive debt restructuring program following similar agreements with the Netherlands and France.
The debt restructuring exercise is seen as very important in order to release resources from India with Ramdin, who is in India as part of a Suriname delegation attending the 17th Pravasi Bharatiya Divas Convention, indicating that with the approval of the Indian government, the process can be completed.
“On that basis, we hope that there will be cooperation between Exim Bank India and the Ministry of Finance and Planning to sign the agreement soon.
Ramdin said Paramaribo is hoping that China has taken note of the restructuring agreement with India.
Ramdin said Suriname’s debt to China’s debt is between US$400 and US$500 million, but remains hopeful that the Dutch Caribbean country will soon reach an agreement with China.
According to the minister, things are a bit more complex with China. However, technical preparatory work has already been done.
“We now have to take it to the political diplomatic level,” said Ramdin.
CMC/
