Suriname President Introduces “Royalties for Everyone” Program

Introduction of Royalties for Everyone (RVI) Program

PRAMARIBO, Suriname, CMC—President Chandrikapersad “Chan” Santokhi has announced the introduction of the “Royalties for Everyone” (RVI) program, which aims to provide every Surinamese national with a share in royalties of US$750, with an interest of seven percent annually from the energy sector.

Background and Objectives

The RVI program is designed to offer the people of Suriname a share in future oil royalties, with the goal of promoting economic, social, and cultural development in the country. The program has three main objectives:

Everyone has a share in developing the oil and gas sector, just as other countries, such as Alaska, have done.
Citizens are rewarded for the years of necessary efforts during macroeconomic and financial stabilization.
The instrument is a powerful incentive to achieve important and cross-party policy goals, such as reducing the informal economy by everyone freely identifying themselves with the tax authorities and everyone who does not yet have one getting a bank account.

Implementation and Timelines

The RVI program is expected to be implemented in the first half of 2025, following several months of work by financial experts and the Ministry of Finance and Planning.

Payment Structure

The payment structure for the RVI program is as follows:

Every Surinamese national will receive a savings note worth US$750, with an annual interest of seven percent.
The money will be paid out in the future from the royalty income of Block 58.
Options are being developed for people over 60 and people with disabilities to receive these before 2028.

Conclusion

The “Royalties for Everyone” program is a significant step towards promoting economic growth and development in Suriname, and providing a fair share of the country’s natural resources to its citizens. The program is expected to be implemented in the first half of 2025, and will provide a powerful incentive for individuals to identify themselves with the tax authorities and get a bank account.

FAQs

* Q: What is the “Royalties for Everyone” program?
A: The “Royalties for Everyone” program is a financial instrument that offers every Surinamese national a share in future oil royalties.
* Q: What is the objective of the program?
A: The objective of the program is to promote economic, social, and cultural development in Suriname, and to provide a fair share of the country’s natural resources to its citizens.
* Q: How will the program be implemented?
A: The program will be implemented in the first half of 2025, following several months of work by financial experts and the Ministry of Finance and Planning.
* Q: What is the payment structure for the program?
A: Every Surinamese national will receive a savings note worth US$750, with an annual interest of seven percent. The money will be paid out in the future from the royalty income of Block 58.