President Santokhi Addresses Suriname National Assembly, Emphasizes Economic Growth and Prosperity
President Santokhi performs the symbolic ritual ahead of his address to the National Assembly.
The Suriname government expects to spend an estimated SRD50.3 billion during the 2025 fiscal year, with President Chandrikapersad Santokhi addressing legislators with an eye on the next elections in May next year.
Economic Growth and Development
Santokhi, in a two-hour presentation to the National Assembly, spoke of the achievements of his coalition administration over the past four years and said that the next few months provide an opportunity for the Dutch-speaking Caribbean Community (CARICOM) country to reflect on future possibilities and opportunities.
The government’s fiscal package of SRD50.33 billion includes revenue of SRD 48.18 billion, with a deficit of just over three billion dollars, or 1.7 percent of the gross domestic product (GDP), which Santokhi said is below the international standard.
Investments and Developments
Santokhi told legislators that TotalEnergies, the French multinational integrated energy and petroleum company, will invest US$10.5 billion in Staatsolie’s block 58 concession area. Staatsolie is a state-owned energy, oil, and gas company.
He also announced that a 5 percent share in the Merian gold project will contribute US$259 million to the government coffers in 2025.
Fiscal Policy and Social Support
The government’s restructuring exercise in collaboration with the International Monetary Fund (IMF) has succeeded even though he acknowledged that it came with stringent measures. Santokhi praised Staatsolie for a ‘fantastic job’ over the past 40 years, adding that, given its involvement in the gold industry, it will remain a cornerstone of the local economy.
The government has also reached agreements with the trade unions, with a ‘well-deserved’ salary increase of 15 percent from 1 July and another five percent percent from 1 January 2025.
Conclusion
Santokhi emphasized the importance of responsible management of natural resources and the need for the government to work with all social groups and the private sector to build a prosperous future for Suriname. He encouraged young couples to take out mortgages to build or buy a plot of land and urged the private sector to increase production capacity and entrepreneurship.
FAQs
Q: What is the estimated budget for the 2025 fiscal year?
A: The estimated budget is SRD50.3 billion.
Q: What is the revenue projection for the 2025 fiscal year?
A: The revenue projection is SRD 48.18 billion.
Q: What is the expected deficit for the 2025 fiscal year?
A: The expected deficit is just over three billion dollars, or 1.7 percent of the gross domestic product (GDP).
Q: What are the plans for the oil and gas sectors?
A: The government plans to enact new legislation to develop the oil and gas sectors, with a focus on benefiting the entire population.