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 staff-level 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.
