Suriname’s effective public debt increased by 42.5 percent in 2025 to SRD 190 billion, equivalent to approximately USD 4.9 billion. The increase was mainly caused by new foreign financing, higher external obligations and exchange rate developments. This is according to the October 2026 Financial Stability Report of the Centrale Bank van Suriname (CBvS).
According to the report, the government raised more than USD 1.7 billion in new foreign loans in 2025. The financing came, among others, from multilateral financial institutions and commercial lenders.
The institutions involved included the Inter-American Development Bank (IDB) and the Islamic Development Bank (IsDB). Suriname also used the international capital market by issuing government bonds.
New government bonds issued
As part of the refinancing of existing debts, two new international government bonds were issued in 2025.
These involved a USD 525 million bond maturing in 2030 with an interest rate of 7.7 percent, and a second USD 1.05 billion bond maturing in 2035 with an interest rate of 8.5 percent.
According to the Central Bank, the proceeds were used, among other things, for the early repayment of existing obligations, including the settlement of the old government bond maturing in 2033.
Commercial loans and other debts were also repaid with the funds raised.
More than 90 percent of debt in foreign currency
An important point of attention is the heavy dependence on foreign currencies.
According to the report, more than 90 percent of government debt was denominated in foreign currency in 2025. As a result, a depreciation of the Surinamese dollar affects the size of the public debt when expressed in SRD.
According to the CBvS, the 8.7 percent depreciation of the exchange rate contributed to the increase in the debt position.
In addition, a statistical reclassification played a role. The so-called Value Recovery Instrument (VRI), which had previously been listed outside the official debt statistics, was included as part of gross government debt.
According to the report, the obligations under this instrument were fully repaid in January 2026.
Debt ratio above 100 percent of GDP
At the end of 2025, public debt amounted to 129.6 percent of gross domestic product according to the statutory calculation method. Under the international definition, the debt ratio stood at 116.1 percent.
The difference between the two percentages is related, among other things, to the calculation methods and GDP figures used.
The Central Bank also states that the domestic debt burden amounted to SRD 13.6 billion in 2025, while the foreign debt burden stood at USD 993.3 million, equivalent to SRD 38.2 billion.
Lower debt position at the start of 2026
The data further show that effective public debt stood at SRD 181.9 billion at the end of February 2026.
At that time, the debt ratio stood at 124.2 percent under the statutory definition and 87.5 percent under the international calculation method.
In 2026, the existing international bond maturing in 2035 was also increased by USD 265 million.
According to the report, these funds are intended for projects in areas including healthcare, education, energy, digitalisation, agriculture, food security and housing.
In its analysis, the Central Bank emphasises that prudent fiscal policy and manageable public debt developments remain important for Suriname’s financial stability.
