Suriname Joins World Bank's International Development Association as Newest Member
Key Points(5)
- Suriname has officially joined the World Bank Group’s <a href="https://ida.worldbank.org/en/home">International Development Association</a> (IDA), marking a significant milestone in the development journey of this Dutch-speaking CARICOM nation.
- The IDA, which offers grants and low-interest loans to low-income countries, has played a crucial role in transforming the Caribbean by addressing the unique challenges faced by small states.
- Suriname's membership is expected to enhance its development prospects and strengthen its efforts toward economic growth and stability.
- Under an expanded Small States Exception, Suriname can now access International Development Association resources, due to its economic and environmental vulnerabilities.
- The World Bank said support from the IDA will be instrumental in helping Suriname strengthen and invest in key areas such as economic diversification, disaster risk management, and community-based initiatives.
Suriname has officially joined the World Bank Group’s International Development Association (IDA), marking a significant milestone in the development journey of this Dutch-speaking CARICOM nation.
Dirk Reinermann, IDA’s mobilization director, expressed enthusiasm, stating, “We are delighted to welcome Suriname as the 175th member of the International Development Association.” He emphasized the World Bank Group's commitment to supporting Suriname by providing access to affordable financing and expertise to help the country achieve its development goals.
The IDA, which offers grants and low-interest loans to low-income countries, has played a crucial role in transforming the Caribbean by addressing the unique challenges faced by small states. Suriname's membership is expected to enhance its development prospects and strengthen its efforts toward economic growth and stability.
Under an expanded Small States Exception, Suriname can now access International Development Association resources, due to its economic and environmental vulnerabilities.
The World Bank said support from the IDA will be instrumental in helping Suriname strengthen and invest in key areas such as economic diversification, disaster risk management, and community-based initiatives.
“As a country facing economic volatility and increasing impacts of climate change, Suriname will benefit significantly from concessional financing, designed to help countries build resilience and foster inclusive growth, while promoting transparent and sustainable development financing,” the bank said.
Suriname’s Minister of Finance and Planning, Stanley Raghoebarsing, said the country is committed to securing sustainable financing that directly adds value to Suriname’s development.
“With the support of the World Bank’s International Development Association, we can ensure that our investments are strategic and impactful.” said Raghoebarsing.
Financing and technical assistance from the International Development Association will complement the economic and social reforms undertaken by the country under the International Monetary Fund programme and will contribute to building a more sustainable and prosperous future for all Surinamese.
Suriname’s DA’s membership demonstrates its dedication to sustainable development and resilience building, ensuring that no one is left behind as the country works toward achieving its long-term economic and social goals, the World Bank said.
