World Bank Endorses New Strategic Partnership for Suriname
The World Bank has endorsed a new four-year strategic partnership for Suriname, outlining a roadmap to support the country’s long-term development vision. The partnership will focus on fostering economic resilience, promoting inclusive growth, and strengthening institutional governance.
The Washington-based financial institution said that the strategy is aligned with the Suriname government’s Multi-Annual Development Plan for 2022-2026 and focuses on creating more sustainable and equitable opportunities considering recent offshore oil discoveries.
“This new strategy comes 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,” said Finance and Planning Minister Stanley Raghoebarsing.
With Suriname’s forests covering 93 percent of the country, preserving it while improving the livelihoods of forest-dependent Indigenous and maroon communities is critical.
The World Bank said it will support efforts to access carbon markets, promote sustainable mining, and enhance community-led resilience initiatives, promoting eco-friendly livelihoods and safeguarding the environment.
“The new partnership will help Suriname achieve sustainable and inclusive growth. By strengthening institutions and investing in climate resilience, we aim to ensure that all citizens, especially the most vulnerable, benefit from the country’s development,” said Diletta Doretti, World Bank Resident Representative for Suriname.
The strategy also comes at a pivotal moment for Suriname, which is recovering from an economic recession. The country’s gross domestic product (GDP) contracted by 15.9 percent in 2020, and inflation peaked at 74 percent in 2021.
“With the country now on a recovery path, this framework will help guide efforts to leverage its recent offshore oil discoveries,” the World Bank said, adding that increasing employment and reducing citizens’ vulnerability while protecting the environment are among critical objectives of the new strategy.
This includes improving access to quality education and training and 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.
The World Bank said that as Suriname recovers from fiscal challenges, the strategy is expected to provide the country with financial and technical support to build capacity, address poverty, and ensure inclusive growth.
The strategy was prepared based on a comprehensive analysis of the country’s development challenges, which was conducted in consultation with the government, the private sector, civil society, and development partners.
Conclusion
The new strategic partnership between the World Bank and Suriname aims to support the country’s long-term development vision by fostering economic resilience, promoting inclusive growth, and strengthening institutional governance. The partnership is expected to provide financial and technical support to build capacity, address poverty, and ensure inclusive growth.
FAQs
* What is the duration of the new strategic partnership between the World Bank and Suriname?
– The partnership is a four-year strategic partnership.
* What are the focus areas of the partnership?
– The partnership focuses on fostering economic resilience, promoting inclusive growth, and strengthening institutional governance.
* What is the significance of the partnership for Suriname?
– The partnership is expected to provide financial and technical support to build capacity, address poverty, and ensure inclusive growth in Suriname.