Surinamese Citizens to Receive Share of Oil Revenues
17
World
November 26, 2024 09:00
paramaribo - Suriname's President Chan Santokhi announces a special initiative where every citizen residing in Suriname will receive a savings bond of $750, promising 7% annual interest from oil royalties.
Suriname's President Chan Santokhi has revealed a special initiative that will benefit every citizen living in Suriname. The initiative involves providing each citizen with a savings bond worth $750, with a promise of receiving 7% annual interest from the oil royalties paid by the French oil company Total for oil extraction in the deep sea.
President Santokhi mentioned that the interest will only be paid out once the oil from Block 58 has been sold and the royalties have been received by Suriname. TotalEnergies and partner APA Corporation have recently announced a significant investment of over $10 billion in oil drilling in Block 58 in Suriname's deep sea area, with the first oil expected to be produced by 2028 at the earliest.
Only individuals registered with the tax authorities will be eligible to receive the savings bond. President Santokhi emphasized that this measure is aligned with policy objectives and is not driven by partisan politics. He sees this initiative as a way to acknowledge the sacrifices made by the people during the economic reforms. The elderly and individuals with disabilities may receive the bond before 2028, according to Santokhi.
The upcoming elections in May 2025 will play a crucial role in the future of Suriname. The Santokhi government, which took over from Desi Bouterse's administration in 2020, successfully reduced inflation from over 60% in 2020 to 13% in 2024. Additionally, debt restructuring was carried out with the support of the International Monetary Fund (IMF). While the IMF has praised the economic reforms, it has expressed concerns regarding the implementation of the social program.
President Santokhi has pledged to allocate a significant portion of the future oil revenues to the National Savings and Stabilization Fund and to increase investments in education, healthcare, well-being, and security. His goal is to enhance the quality of life for all Surinamese citizens in a sustainable manner.