President Chandrikapersad Santokhi announced the “Royalties for Everyone” initiative, which guarantees US$750 in future oil royalties and 7% annual interest for every Surinamese citizen. This financial instrument aims to distribute wealth from upcoming oil revenues from Block 58, managed by TotalEnergies, starting in 2028. Provisions for earlier payments are available for seniors and persons with disabilities, with full implementation expected by mid-2025.
In a significant announcement, President Chandrikapersad “Chan” Santokhi revealed a new initiative titled “Royalties for Everyone” (RVI), aimed at distributing US$750 in future oil royalties, plus an annual interest of seven percent, to each Surinamese citizen. Santokhi emphasized that this financial instrument affords citizens a stake in the upcoming oil revenues derived from Block 58, managed by TotalEnergies. Payments are contingent upon the sale of oil from Block 58, anticipated to commence in 2028, and will be disbursed in Surinamese dollars. In addition, provisions are being made for individuals over the age of 60 and those with disabilities to receive earlier payments.
The President highlighted the program’s broader objectives, stating that it aims to promote economic empowerment and enhance participation in the oil and gas sector, akin to measures implemented in regions like Alaska. Santokhi underscored that achieving a fair distribution of national income is crucial for Suriname’s socio-economic development and that this instrument is a step towards fostering inclusivity. This initiative is positioned as a reward for the population’s resilience during challenging economic times and as a means to bolster formal economic activity by encouraging tax registration and banking participation among citizens. The implementation of the RVI is expected in the first half of 2025, providing a forward-looking approach to utilizing natural resource wealth for the nation’s benefit.
Suriname’s government has initiated a program to equitably distribute energy royalties amongst its citizens, particularly from the anticipated revenue of oil extracted from Block 58. President Santokhi’s announcement reflects a broader commitment to ensure fair utilization of the nation’s natural resources, addressing requests from various community groups, including retirees. By introducing the RVI, the government aims to engage its populace actively in the economic process, drawing parallels to similar successful frameworks in other regions. The venture comes at a pivotal time as Suriname looks to stabilize its economy and ensure that future economic growth benefits all layers of society.
In summary, the introduction of the “Royalties for Everyone” initiative signifies a strategic effort by the Surinamese government to enhance national prosperity through equitable distribution of resource revenues. By engaging the citizenry in the upcoming benefits from oil royalties, the initiative aims to foster economic resilience, promote social welfare, and uphold constitutional mandates concerning the nation’s resources. The planned implementation by mid-2025 holds promise for a brighter economic future for Suriname.
Original Source: caribbean.loopnews.com
