REPUBLIKA.CO.ID, PARAMARIBO -- Suriname's President Desi Bouterse was sworn in Wednesday for a new five-year term, which the ex-dictator and convicted drug trafficker pledged to use to bolster the country's economic independence.

Bouterse, 69, has been the small South American country's elected leader since 2010, and previously held power in the 1980s and 90s as a military dictator.

He was reelected unopposed by the National Assembly last month after his National Democratic Party (NDP) won a small majority at elections in May.

Bouterse vowed in his inauguration speech to foster economic growth by increasing Suriname's economic independence.

With 500,000 people, Suriname is the smallest country in South America and depends heavily on exports of its raw materials, particularly alumina.

"We as the people of Suriname now have the unprecedented opportunity to let our economy no longer be based on sharing profits from foreign-based interests," he said.

"We no longer want to depend primarily on market decisions such as the gold price controlling the price of alumina and the price of oil."

The ceremony was attended by Presidents Rafael Correa of Ecuador, David Granger of Guyana and Teodoro Obiang of Equatorial Guinea.

The vice presidents of Cuba and Venezuela and other regional officials were also on hand, as well as Ghana's former president Jerry Rawlings, a personal friend of Bouterse's.

Bouterse then swore in his cabinet, a mixture of political figures and technocrats.

Bouterse's second term comes with major challenges as the country faces financial problems caused by government overspending during his last term.

He set up a "Financial Economic Platform" two weeks ago, with representatives of labor unions, political parties and manufacturers, among others.

The task force recommended raising taxes, increasing utility prices and cutting government spending.

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