b'Upgrading the monetary and exchange rate policy framework.Stabilizing the financial system.67 % 27 %Average increase inAverage increase in Strengthening institutional capacity to crude oil pricesnon-fuel commoditytackle illegal transactions, including in 2021 prices in 2021money laundering.Improving governance.At the writing of this report, it is unfeasible to Gradually, existing safety net programs aremake sufficiently reliable projections for the being strengthened to protect vulnerablecoming year. The future is uncertain, as the households and individuals. Efforts of the localconsequences of the Russian invasion in authorities and their staff are supported byUkraine on February 24, 2022, on the world providing technical assistance and a conditionaleconomy, as well as on the various regions and loan of US$ 688 million in the framework of acountries are unknown and mixed. Renewed 36-months IMF Extended Fund Facility.economic disruptions may emerge from Covid variants, wage pressures, and volatile A first quarterly review conducted by the IMFcommodity prices. Output growth in advanced and Surinamese authorities in February 2022,countries may accelerate somewhat as military indicates that the recovery program is on track.expenses increase. However, supply shortages Key quantitative targets have been met, albeitmay hinder production. Inflation pressures may with some minor delays. Continuous progressbe more persistent than originally anticipated.is being made with respect to implementing a package of ambitious reforms, despite limitedThe uncertain external environment may execution capacity. In the meantime, the annualcreate interesting opportunities for Suriname, average inflation rate accelerated to 59%as prices of its main export products have in 2021 up from 35% in 2020, following thebeen rising sharply. On March 8, 2022, gold introduction of a free-floating market determinedand Brent oil reached historical heights of exchange rate, Covid-19 and of some otherUS$ 2,043 per troy ounce and US$ 127 per policy measures which placed upward pressurebarrel respectively. Also, the further execution on prices. The official exchange rate of the US$of the recovery plan is expected to bear more to SRD depreciated to the level prevailing at thenoticeable fruits. The authorities are committed cambio market of about SRD 21.60 per US$to continue conducting cautious and effective at the end of 2021 up from SRD 7.40 aroundbudgetary, monetary and wage policies, the the first quarter of 2020. Inflation received anlatter in cooperation with the private business additional impetus from supply and transportsectors and the labor unions. These actions distortions referred to earlier. This was reflectedaim at bringing inflation on a firm downward in higher prices for imported goods andpath, also by maintaining a stable market-services, and subsequently an increase in thedetermined exchange rate. As described in local costs of living. the National Multi Annual Development Plan 2022-2026, more projects will be implemented to boost production and exports. Therefore, it is expected that in 2022, output growth will again turn positive, while the inflation rate will further decelerate.23'