Every Surinamese gets US$750 oil share

Last Updated on Monday, 25 November 2024, 20:01 by Writer

Reproduced from Starnieuws

Every Surinamese will receive a share in royalties of US$750 with an interest of 7% per year, President Chan Santokhi announced on Monday at a reception.

The positive impact of the final decision of Total Energies has had an enormous positive impact. “We must now translate that positive impact into opportunities for our own people. There are opportunities for our entrepreneurs, our youth to shape the future of Suriname with the right education and training,” said the president.

“Today I can announce the creation of a financial instrument that offers the people of Suriname a share in future oil royalties. In this way, our people become de facto owners of Suriname’s natural assets. Consider this share as a form of reward for a number of years of necessary efforts during the macroeconomic and financial stabilization.”

The Constitution of the Republic of Suriname stipulates (in article 41) that “natural resources are the property of the nation and will be used to promote economic, social and cultural development”. The Constitution (art.6 d.) also stipulates that “the State strives for a fair distribution of the national income, aimed at a fair distribution of welfare and prosperity among all levels of the population”.

“After the announcement of the first investment decision for block 58, I have received many requests to better implement those requirements of the constitution. And some groups, especially retirees, have informed me that they, unlike younger generations, will not benefit from the positive effects of oil in the country. With these requests in mind, I have commissioned financial experts to propose a financial instrument that offers the people of Suriname a share in our natural resources.”