b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 (Continued)Reserve for committee of sports facilitiesAllassetsandliabilities,forwhichfairvalueisAsdecidedbytheshareholder,aportionof measuredordisclosedintheconsolidatedfinancialtheprofitattributabletotheshareholderis statements,arecategorizedwithinthefairvalueretained in a Sport Fund to support corporatehierarchy,describedasfollows,basedonthesocial responsibility in sports. On behalf of thelowestlevelinputthatissignificanttothefairvaluesoleshareholder,theGoS,acommitteeSport measurementasawhole:DevelopmentFundwasestablishedinApril Level1-Quoted(unadjusted)marketpricesin2013toconformtogovernanceprinciples.The active markets for identical assets or liabilities;committee,comprisedofrepresentativesfromtheGoSandStaatsolie,providesguidelinesfor Level2-Valuationtechniquesforwhichthesubmissionofproposals,approves,andmonitors lowestlevelinputthatissignificanttothefairtheallocationoffunds.Everyyear,theshareholder value measurement is directly or indirectly decides how much to withdraw from this reserve. observable;Asof2020thisreserveispresentedintheother L evel3-Valuationtechniquesforwhichthelong-termliabilitiesofthestatementoffinancial lowestlevelinputthatissignificanttothefairposition and not as in prior year as part ofvalue measurement is unobservable.Staatsoliesequity. ForassetsandliabilitiesthatarerecognizedIn2020thereservedamountoutofdividend intheconsolidatedfinancialstatementsonarelatedto2019wasUS$800. recurringbasis,Staatsoliedetermineswhethertransfers have occurred between levels in the Loan receivableshierarchybyreassessingcategorization(basedInaccordancewiththePowerPurchase onthelowest-levelinputthatissignificanttotheAgreementdatedMarch1,2013(withlatest fair value measurement as a whole) at the end of amendmentinApril2016)byandbetweenSPCS each reporting period.andtheGoS,SPCSconstructedatransmission Financial risk management objectives and linetothegridofN.V.EBS.Theaggregatedcost policies ofUS$27,293wasdivestedinfavorofGoSin2016,andaccordinglyderecognizedinthebooks Market riskofSPCS.AsatDecember2018,US$16,196of MarketriskistheriskthatthefairvalueoffuturetheprincipalbalancewasrepaidbyGoS.The cashflowsofafinancialinstrumentwillfluctuateremaining balance is to be considered as long- becauseofchangesinmarketprices.Marketrisktermloanpayableinquarterlyinstallmentwith comprisesthreetypesofrisk:commoditypricematuritydateofNovember2021.AsatDecember risk,interestrateriskandforeigncurrencyrisk.31,2020,theshort-termportionofthisloan Financial instruments affected by market risk amountstoUS$3,669(2019:US$3,759)andthe includeloansandborrowings,deposits,tradelong-termportionamountstoUS$nil(2019:receivables,tradepayablesandaccruedliabilities.US$3,669).Theloanreceivableisdisclosedinsection7,relatedpartydisclosures. Marketrisksduetointerestrate(LIBOR)riskhaveFair value been accepted and is evaluated and managed as part of the portfolio risk management policies. In Theinitialrecognitionoftheloansandbondsisat addition,Staatsoliemonitorsadesiredratioforitsfairvaluewhilethesubsequentmeasurementisat availablecashinUS$tofulfillitsforeigncurrencyamortizedcost,assumingthecontractualinterest businessobligations.Furthermore,Staatsolierateequalstheeffectiveinterestrate.Thelocal acceptstherisksofpricefluctuationsofoilfinancialmarketconsistsoftraditionalbankloans products,whiletakesintoaccountaconservativefor business and is not capable to provide for thelow price for its work program and budget. capitalneededforStaatsoliesgrowthstrategy. Interest rate riskStaatsoliesfinancestructurecomprisesfinancingbya consortium of international banks.Interest rate risk is the risk that the fair value or Staatsolieusesvaluationtechniquesthatare futurecashflowsofafinancialinstrumentwillappropriate in the circumstances and for whichfluctuatebecauseofchangesinmarketinterestsufficientdataareavailabletomeasurefair rates.TheGroupsexposuretotheriskofchangesvalue,maximizingtheusesofrelevantinputsand in market interest rates relates primarily to the minimizingtheuseofunobservableinputs. Groupslong-termdebtobligationswithfloatinginterest rates.141'