Suriname’s oil wealth coincides with move towards World Bank-supported development breakout

The economy of now oil-rich Suriname is now being driven, significantly, by a World Bank strategy designed, the Bank says, to boost economic resilience and inclusive development in the country. It has been only a matter of months since the French oil company, TOTAL broke the news that it had accessed a ‘world class’ oil find offshore the Dutch-speaking Republic and the new World Bank strategy to “boost economic resilience and inclusive development” in the country sends a clear signal that the international community is ready to engage Suriname on terms that are consistent with its status as a country whose development agenda is now driven by its vast oil reserves.

Suriname President Chan Santoki

On October 1 the World Bank Group’s Board of Directors moved to endorse a new four-year strategic partnership between itself and Suriname, an initiative which a Bank disclosure says endorses “a new strategic partnership for Suriname for the next four years.” Among its essential elements is what the World Bank reportedly describes as s “a roadmap to support Suriname’s long-term development vision, focusing on fostering economic resilience, promoting inclusive growth, and strengthening institutional governance.” This strategy, reportedly, is “aligned with the Government of Suriname’s Multi-Annual Development Plan for 2022-2026 and focuses on creating more sustainable and equitable opportunities” that take account of the country’s recent offshore oil discoveries.

Significant oil finds in Guyana and Suriname over the past few years has helped to shift global perceptions of South America from its age-old image as an impoverished corner of the globe, that perception mitigated mostly by the presence of oil in the country of Brazil. As has been the case in Guyana, Suriname’s recent major oil find has triggered moves by the administration of President Chan Santoki to increase employment and reduce socio-economic vulnerability, measures, which mirror some developments that are underway in Guyana. Among Suriname’s stated key immediate-term ambitions are increasing employment and reducing citizens’ vulnerability while protecting the environment.” At the level of the private sector, businesses in both capitals have moved to create structures that can probe and eventually execute such prospects as exist for the creation of more robust business and economic relations between the two countries.

Suriname’s own reported short-term ambitions include improving access to quality education and training,

ensuring that Suriname’s workforce is prepared for future economic opportunities, especially in emerging sectors. It also supports enhancing the business environment to drive job creation and economic diversification, as the country anticipates new oil revenues. Importantly, given Suriname’s vulnerability to natural disasters and its unique status as one of the world’s few carbon-negative nations, strengthening resilience to climate and disaster risks is integrated into the strategy.

Suriname’s Finance Minister Stanley Raghoebarsing has been quoted as saying that the country’s “new strategy comes at a time when Suriname is poised for significant transformation. With the World Bank’s support, we will focus on creating jobs, improving education, and ensuring the responsible management of our natural resources, which will be key to our country’s future prosperity,” he reportedly added.

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