Suriname looks to restructure debt with China

Suriname’s Foreign Minister Albert Ramdin has travelled to China to hold talks with his counterpart Wang Yi on multiple issues, including bilateral relations between the two countries.

During a meeting on Tuesday, November 7, in Beijing, Wang said China is looking to deepen political mutual trust, expand mutually beneficial cooperation, and strengthen coordination on multilateral affairs with Suriname.

Meanwhile, Ramdin said Suriname will continue to actively participate in the Belt and Road Initiative and other major international initiatives proposed by Chinese President Xi Jinping, Xinhua News has reported.

Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Surinamese Foreign Minister Albert Ramdin in Beijing, capital of China, Nov. 7, 2023. (Xinhua/Yue Yuewei)

The Surinamese Foreign Minister also told Reuters that his visit is aimed at striking a deal with China by mid-December over rescheduling interest payments on its debt beyond 2024.

At present, Suriname owes Chinese creditors around US$540 million, according to the Suriname Debt Management Office, of which close to US$130 million is in arrears.

Surinamese President Chandrikapersad Santokhi said in September that he is confident that both countries will soon reach a mutually agreed-upon debt restructuring agreement.

In its negotiations with Chinese lenders, Santokhi’s government is seeking to change some of the terms on loans, which already carry low interest rates.

Involvement of the International Monetary Fund (IMF) is also a condition of the creditors before debt restructuring could be negotiated.