President Chan Santokhi announced a national royalties program to ensure that every Surinamese citizen benefits from the anticipated wealth from oil and gas reserves. He emphasized that each citizen would receive $750 in a savings account, with a 7% annual interest rate, highlighting his commitment to inclusive economic growth. 'Everyone shall benefit from this opportunity and no one will be left behind,' he declared. His administration aims to avoid the pitfalls known as the oil curse experienced by other nations.
Suriname, alongside Guyana, expects to yield substantial revenue from its newly discovered oil reserves, with estimates suggesting the country could earn $10 billion in the next decade or two. This is significant for a nation of 600,000 that currently grapples with high poverty, where nearly 20% of the populace lives under the poverty line, according to the World Bank. The approach to wealth redistribution reflects a strategy to alleviate poverty while fostering broader economic growth.
With Total's recent announcement of a $10.5 billion investment into an offshore oil field, Suriname sets its sights on becoming a key player in the oil industry. Set to produce 220,000 barrels per day and projected to begin operations in 2028, this development signals a transformative opportunity for the nation, poised to shift its economic landscape significantly. Santokhi's administration is thus focused on ensuring that the wealth generated from this resource is equitably shared.
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