Suriname President Simons Uses Annual Address to Set 2027 Deficit at 4% of GDP

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POLITICS · SURINAME

Suriname President Simons told parliament on Wednesday that 2027 must be the year the country prepares for oil. “The oil period begins before the oil revenue,” she said in her second annual address, GFC Nieuws reported.

The speech, known locally as the jaarrede, opens the parliamentary year and comes with the draft budget. It was delivered to an extraordinary sitting of the National Assembly (DNA), Suriname’s single-chamber parliament, held in the Congress Hall in Paramaribo.

The Presidential Palace on Independence Square in Paramaribo, seat of the government of President Jennifer Simons. (Photo: Jashda, CC BY-SA 4.0 via Wikimedia Commons)

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A 2027 budget that still runs a deficit

The 2027 draft budget foresees revenue of SRD 70.1 billion (about US$1.86 billion). Spending is set at SRD 80.9 billion (about US$2.15 billion). The gap of SRD 10.8 billion (about US$286 million) equals 4 percent of GDP, according to Starnieuws, Suriname Herald and GFC Nieuws.

Figures here use 37.7 Surinamese dollars (SRD) to the US dollar, the rate on 30 September 2026. Of total spending, SRD 55.6 billion (about US$1.47 billion) goes to programmes and SRD 25.4 billion (about US$674 million) to running costs.

Suriname's 2027 draft budget: revenue SRD 70.1 billion, spending SRD 80.9 billion, deficit SRD 10.8 billion (4% of GDP). Source: Government of Suriname draft budget 2027, via Starnieuws and Suriname Herald, 30 Sep 2026.

Starnieuws reported that the Financial Annual Plan puts the primary deficit, before interest, near zero. Staff costs rise partly because of a 15 percent pay adjustment for civil servants, teachers and security services from September 2026.

Stability claims, and a heavy debt

Suriname President Simons presented preliminary figures she described as evidence of progress. She said the primary balance was minus 5 percent of GDP in 2025 and plus 5.2 percent in 2026’s second quarter.

She put average inflation at 8.9 percent through July and forecast growth of about 3.9 percent for 2026. International reserves have risen to nearly US$2 billion, covering about 8.2 months of imports, a level she called historic.

The weak point is debt. It stood at 100.4 percent of GDP in August, against a legal ceiling of 60 percent. The government wants it on a steady downward path from 2027.

Simons said two international bonds worth US$1.175 billion were issued in November 2025, followed by a US$265 million reopening in February. Most of the money refinanced older debt, while about US$185 million went to urgent projects.

Collect better, not tax harder

“The solution cannot always be to tax the same citizens and businesses ever more heavily,” Simons said, according to Starnieuws. She promised a wider tax base, better collection and a stronger customs service against smuggling.

Gold, timber and fisheries should contribute more to the treasury, she said. Suriname Herald and Starnieuws reported that she has ordered the closure of gold-mining firms found to be breaking the rules.

A Local Content Act is to go to parliament in 2027, before oil output expected in 2028. It aims to protect Surinamese workers and suppliers, a theme covered in Suriname Offshore Energy Push Looks to Mexico for Training Before 2028.

An opposition protest over procedure

The opposition Progressive Reform Party (VHP) attended under formal protest, De Ware Tijd and Starnieuws reported. Its leader, Asiskumar Gajadien, objected that the move to the Congress Hall was organised before parliament had voted on it.

Since 1987 the address has been held in the National Assembly building. The VHP said its complaint was mainly about how the decision was taken, rather than the venue itself.

Suriname President Simons, in office since July 2025, has made oil readiness her theme. See Geerlings-Simons Takes Charge of Suriname Economy as TotalEnergies Prepares 2028 Oil.

What Is Not Yet Known

The 2026 growth, inflation and reserve figures come from the president and are preliminary. No reports reviewed on Wednesday cited final central bank or statistics office data confirming them.

It is also unclear how quickly parliament will pass the 2027 budget. The 2026 budget was only approved on 1 July, halfway through the year it covered.

Frequently Asked Questions

What is Suriname’s annual address?

The jaarrede is the president’s yearly policy speech to the National Assembly at the end of September. The government then submits the draft budget for the following year.

How large is Suriname’s 2027 budget deficit?

The draft budget shows a deficit of SRD 10.8 billion (about US$286 million), equal to 4 percent of GDP. Parliament must still debate and approve it.

When does Suriname expect oil revenue?

Offshore oil production is expected to start in 2028. The president called 2027 the preparation year for that period.

Sources: GFC Nieuws and GFC Nieuws, 30 September 2026; Starnieuws, Starnieuws, Starnieuws and Starnieuws, 30 September 2026; Suriname Herald and Suriname Herald, 30 September 2026; De Ware Tijd, 30 September 2026. Exchange rate: open.er-api.com, 30 September 2026.