Suriname does not yet have fully operational fiscal rules to manage the expected revenues from the offshore oil industry responsibly. This is stated by international credit rating agency S&P Global Ratings in its report of November 9, 2026. Although the country has implemented major legal reforms in recent years, the rules intended to govern the growth of government expenditure and the development of public debt have, according to S&P, not yet entered into force.
The warning comes at a time when Suriname is preparing for the expected start of large-scale offshore oil production in 2028. According to S&P, this development could lead to an unprecedented increase in economic activity and government revenues.
At the same time, the credit rating agency stresses that managing this future wealth will pose a major challenge for Surinamese government institutions.
Legal reforms not yet fully implemented
S&P points out that Suriname took major steps in financial management in 2024.
Legislation concerning the Spaar- en Stabilisatiefonds Suriname was reformed and legislation for the management of public finances was approved.
The legal frameworks provide, among other things, for a medium-term anchor for public debt and a cap on the annual growth of primary government expenditure.
These instruments are intended to prevent government expenditure from rising uncontrollably when revenues increase.
According to S&P, however, none of these prudent fiscal rules is yet operational.
As a result, according to the assessment, there remains an important gap between the established legal frameworks and their actual implementation.
Government wants to introduce rules before major oil inflow
In the report, S&P states that President Jennifer Geerlings-Simons intends to make the legislation on fiscal discipline fully operational before oil production increases substantially.
According to the credit rating agency, the government has also pledged to continue reforms, with support from multilateral financial institutions.
These reforms are intended, among other things, to help strengthen the technical capacity of government institutions and improve the implementation of economic policy.
S&P notes that the governing coalition has a broad parliamentary majority, with 34 of the 51 seats in De Nationale Assemblée (Suriname’s parliament). According to the credit rating agency, this could provide scope for further legislative reforms.
Previous economic crises demonstrate vulnerability
The credit rating agency places the current situation in the context of Suriname’s previous financial problems.
According to S&P, past periods of favourable economic conditions were not sufficiently used to build up financial buffers.
As a result, the country was insufficiently prepared for economic downturns and fluctuations in international commodity prices.
According to the organisation, this vulnerability contributed in part to the government’s payment problems in 2020.
Institutional capacity also remains limited and debt management needs to be further strengthened.
Risks in managing future revenues
S&P expects the oil industry to make a significant contribution to government revenues and economic growth from 2028 onwards.
However, the credit rating agency stresses that future revenues must be managed carefully so that Suriname can continue to meet its financial obligations even during periods of lower commodity prices.
According to S&P, a further improvement in Suriname’s creditworthiness is possible if the country succeeds in introducing policies aimed at prudent management of future wealth.
A sustainable improvement in debt management can also contribute to a higher credit rating.
The report therefore makes clear that not only the scale of future oil revenues is important, but also whether the government has effective rules and sufficient institutional capacity in place in time to manage these resources.
