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               REPUBLIC OF SURINAME: INTERIM STRATEGY NOTE FY13-14

                                         CHAIR’S SUMMING UP *

                                     Meeting of the Executive Directors

                                              October 18, 2012



       The Board of Executive Directors discussed the Joint IBRD/IFC Interim Strategy Note
(ISN) for the Republic of Suriname for the period FY13-14 (R2012-0177; IFC/R2012-0285).
They commended the Government for the reengagement with the IBRD after a 30 year hiatus
and membership in the IFC.

       Directors supported the strategy and its alignment with Suriname’s National
Development Plan. They acknowledged the economy continues to outperform regional peers
amidst the recent global economic crises, and supports social and economic development.

       While there is no lending envisaged in the ISN, Directors welcomed the selective and
knowledge-focused program that would be critical to gradually deepen the partnership with
Suriname. They expressed support for the ongoing Government program with the World Bank
Group and particularly for enhancing financial transparency in the corporate sector, improving
reserves management by joining the Reserve Advisory and Management Program, and
improving governance in the extractive sector by applying for candidate country status in the
Extractive Industries Transparency Initiative.

         Directors emphasized the importance of IFC support to improve Suriname’s investment
climate and highlighted the need for capacity building, particularly in financial management.
Directors stressed the importance of reducing the high poverty rates amongst indigenous groups
as well as improving social inclusiveness, including support for gender equality, strengthening
institutions, governance and accountability. Directors also noted the need for the Bank to
enhance its knowledge and analysis of Suriname’s social, political economy, and economic
context given the Bank’s reengagement after a 30 year interval.

         Directors welcomed the integrated World Bank Group approach of the ISN aimed at
efficiently exploring synergies and coordinating efforts amongst IBRD, IFC, and MIGA. They
also noted that the ISN was prepared in coordination with all other major donors and emphasized
the importance of coordinating programs for social and economic growth and encouraged further
efforts in this regard.




*
    This summary is not an approved record.