Suriname Government Announces Oil Royalties for Citizens

Suriname's President Chan Santokhi announced a program to distribute $750 in oil royalties to each citizen, backed by a savings account accruing 7% annual interest, as part of a large-scale oil and gas development initiative. This initiative is expected to benefit the country's 600,000 residents, especially as nearly 20% live in poverty. The funding stems from a $10.5 billion project by TotalEnergies to develop offshore oil fields, anticipated to yield significant profits over the next 10 to 20 years. Santokhi emphasized that this program aligns with constitutional provisions to ensure natural resources benefit all citizens and aims to avoid the pitfalls of the 'oil curse' seen in other nations. The government plans to create a sovereign wealth fund to manage the influx of oil revenue responsibly. The overarching goal is to empower local entrepreneurs and provide educational opportunities, ensuring that no citizen is left behind in this economic transition.