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

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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Publish date : 2024-10-31 13:00:00

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