Suriname achieves success in re-arranging foreign debt

Suriname has had the first success in its efforts to re-arrange the country's huge foreign debt with creditors after announcing that the Paris Club had agreed to restructure the more than US$100 million debt after months of intense negotiations.

President Chandrikapersad Santokhi told Parliament on Thursday that the parties have agreed that Suriname will pay US$34 million less in interest and principal over the next three years and as a result this would greatly benefit the population.

Suriname's debts have been rearranged with the Netherlands, Italy, France, Sweden, and Israel.

The country's total debt is currently US$3.2 billion.