element in the U.S.-Suriname economic relationship. Politics Suriname elected a new government in May 2000, but until it was replaced, the Wijdenbosch government continued its loose fiscal and monetary policies. By the time it left office, the exchange rate in the parallel market had depreciated further, over 10% of GDP had been borrowed to finance the fiscal deficit, and there was a significant monetary overhang in the country. The new government dealt with these problems by devaluing the official exchange rate by 88%, eliminating all other exchange rates except the parallel market rate set by the banks and cambios, raising tariffs on water and electricity, and eliminating the subsidy on gasoline. The new administration also rationalized the extensive list of price controls to 12 basic food items. More important, the government ceased all financing from the central bank. It is attempting to broaden its economic base, establish better contacts with other nations and international financial institutions, and reduce its dependence on Dutch assistance. However, to date the government has yet to implement an investment law or to begin privatization of any of the 110 parastatal, nor has it given much indication that it has developed a comprehensive plan to develop the economy. Oil Oil is a promising sector. Staatsolie, the state-owned oil company, produced a day in 2012. Staatsolie currently refines a day at Tout Lui Faut in the District of Wanica and is building more capacity to go to a day. Hardwood Some big companies are getting the hardwood out of the jungle. However, proposals for exploitation of the country's tropical forests and undeveloped regions of the interior traditionally inhabited by indigenous and Maroon communities have raised the concerns of environmentalists and human rights activists both in Suriname and abroad. These opposing parties are not yet strong in Suriname. Banana State-owned banana producer Surland closed its doors on April 5, 2002, after its inability to meet payroll expenses for the second month in a row; it is still unclear if Surland will survive this crisis. It was remodeled as Stichting Behoud Bananen Sector Suriname (SBBS). The rumour was that because of political differences Surland was manipulated in shutting down. The SBBS has made banana profitable for the first time in 20 years. Other exports A member of CARICOM, Suriname also exports in small numbers rice, shrimp, timber, bananas, fruits, and vegetables. Fernandes Group is a soft drinks company bottled