Currently the world is going through unprecedented times, and Suriname is not the exception. We have successfully overcome a complicated economic crisis and now, due to the COVID-19, we are facing what we, as economists, see as a deep global recession. I understand how crises bring fear and uncertainty. However, I would like to remind you that Suriname has recently overcome an economic crisis. We have learned from the experience and we have made smart decisions to be better prepared for the future.
For example, we have worked on four tax laws to make tax authorities and the tax system in Suriname more efficient. Among these were the Tax Identification numbers, further changes to the 1922 Income Tax Act, the Wage Tax Act and the Turnover Tax Act 199. These reforms ensure that the Surinamese tax system complies with international tax laws and best practices, and leads to modernization, transparency, simplification and efficiency.
At the same time, the Ministry of Finance has successfully led the process to create the Suriname Stabilization and Savings Fund, a project that has been at the core of our government’s efforts to reform the financial structure of Suriname and best safeguard the future of our country. This decision is not only a great step in moving Suriname forward, but represents our commitment to instill best practices and international examples in our economic processes.
Now, how does the Suriname Stabilization and Savings Fund work? In simple words, this is a system for the state to save money, so it helps to protect the country against the effects of commodity shocks, allows us to better overcome a crisis and helps the economy grow at a more constant pace.
There’s no doubt that facts speak for themselves. That’s why we have used this data and more to encourage foreign investors to do business in Suriname. Additionally, through careful negotiations we have been successful in engaging with several international organizations and banks, and now we are better prepared to face what’s next. International businesses and organizations feel more secure about investing in Suriname, and important opportunities will come to Suriname.
This is a time to stay focused. Several political figures want people to pay attention to their attacks and negative narratives. Now is the time to work together to face what’s coming next. This is the moment for solidarity to protect our lives, take care of our families, and help each other to move forward. This is a time for hope and truth. We must leave political and personal attacks behind, and drive our efforts toward building a better Suriname. We have done it before and we will do it again. Together, let’s keep moving Suriname forward.