World Bank endorses new strategy for Suriname

Flag of Suriname. The new interim strategy for the country will focus on good governance, social inclusion, growth and economic diversification. Photo by: Luc V. de Zeeuw / CC BY-NC-ND

The World Bank has taken another step to fully re-engaging with Suriname, with which it renewed its partnership in November 2011 after a 30-year hiatus.

The international lender’s board of governors endorsed Oct. 18 a new interim strategy note that will guide World Bank activities in the Latin American country in the next two years. The strategy is aligned with Suriname’s 2012-2016 development plan. Focus areas include good governance, social inclusion, growth and economic diversification.

The strategy, however, does not include any loans or other direct financing. This is in line with Suriname’s agreement with the World Bank that the lender’s initial activities during the re-engagement process will cover knowledge services.

Under the new strategy, the World Bank will help strengthen Suriname’s financial management, social development and business competitiveness. Activities to boost private sector engagement in economic development projects and to promote regional integration are also in the pipeline.

Aside the from the endorsement of the strategy, activities that support the World Bank’s re-engagement with the country include Suriname’s membership to the International Finance Corp. and the World Bank’s Reserves Advisory and Management Program. 

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    Ivy Mungcal

    As senior staff writer, Ivy Mungcal contributes to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.