Suriname: Thousands protest against electricity, water price hike in Suriname

Suriname in turmoil: Desi Bouterse -Dictator turned President

For the second time in three weeks, thousands took to the streets of Paramaribo protesting against austerity measures from the Desi Bouterse led administration on Thursday.
Some protestors called for Bouterse to “go home” while others denounced price hikes for electricity and water.

The protest was organised by several worker’s unions and private sector organizations who have stated that harsher times are coming with another hike in the price of electricity coming in September this year and January 2017.

In a petition presented to speaker of the house, Jennifer Geerlings-Simons, the protestors claim that inflation has risen to 46 per cent, while the national currency is losing its value everyday due to an “incompetent monetary policy by the government”.

“Numerous public servants, pensioners, disabled persons and others who have become victims of the ongoing financial and economic crisis are serious financial problems and should be immediately compensated for the inflation”, protesters said in the petition.

Last week, the International Monetary Fund (IMF) approved a Stand-by Agreement of US$ 478 million to boost the government’s economic restructuring program amid a drop in commodity prices.

The IMF also announced that it will immediately disburse US$81 million as part of a two-year agreement.

However, Members of Parliament from the opposition voiced their anger in parliament on Tuesday, accusing the government of by-passing the legislative in its engagement with IMF to strike the loan agreement.

The restructuring program aims to strengthen Suriname’s public finances following a drop in prices for its principal commodities namely gold and oil.

According to the IMF the sustained drop in the prices of gold and oil has caused substantial external and fiscal deficits, and international reserves have declined significantly.

These negative external developments, combined with the closure of Suriname’s alumina refinery in late 2015, have pushed the economy into a recession. “Implementing the structural reform agenda is essential to ensure a prosperous future for Suriname,” the IMF said in a statement.



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