Benefitting from the IMF Extended Fund Facility for boosting marronomics

With the forthcoming IMF Extended Fund  Facility (EFF) and the economic restructuring program in the Republic of Suriname, the development of #marronomics can receive a positive boost. The native people and maroon population can definitely contribute to economic recovery on the long term. The potential of the interior of Suriname is huge for realizing entrepreneurship, value added production and contributing to GDP. Far more than has now been the case. The beginning is there with the West Klaaskreek project.

Creating an inclusive economy through the involvement of native and the maroon population and being a contributive part of the bigger economic picture is what #marronomics is about. The marronomics movement is an example of future economic development with enormous potential. Focussing on agro-forestry, infrastructure development, processing industry, and housing rather than predominantly floating on mining is what #marronomics aims at. For example the processing of Non-Timber Forest Products (NTFP).  These oil products from nuts, herbs, fruits, etc. are a massive opportunity for the interior to achieve sales to the pharmaceutical and cosmetic industry on a global market level. The European Union and America are significant NTFP sales markets whereas East Asian region, South Korea and Japan are characterized in this context as emerging markets. The Surinamese economy could earn us$ 1- us$ 2 billion from estimated revenues.

Besides working on an inclusive economy, Suriname can also take steps towards developing a south-south relationship in the period ahead. The Surinamese maroon population is linked up with Africa. A visit of the Asantehene Otumfo Osei Tutu-II in 2018 was the commencing of linking up business and people. There are several countries on the African continent, Ghana for example, worth setting up business and cultural relations. With the forthcoming IMF EFF agreement and other smart economic and cultural initiatives both Ghana and Suriname can benefit. The time is there now.

Being backed by the EFF program of us$690 million, the economic recovery plan issued by the Surinamese government for the 2021-2024 period can help boost marronomics. The Staff-Level-Agreement (SLA) between the IMF and the Republic of Suriname has opened the gate towards EFF. This EFF program aims to lay the foundation for a strong, resilient, and inclusive economic recovery through protecting the poor, lowering inflation, restoring debt sustainability, and investing in the future.

In particular, the emphasis on “inclusive economic recovery” and “investing in the future” is interesting in the case of Suriname. The Surinamese  interior can play an essential role in the future economic development, providing the native and maroon population are actively involved. So far, this has not been the case yet. #Marronomics is ready to benefit from the new era and can bring employment and entrepreneurship in the interior of Suriname.