Photo by aboodi vesakaran on Unsplash
“President Chandrikapersad “Chan” Santokhi announced the Royalties for Everyone program, aiming to grant Surinamese citizens US$750 from future oil royalties with a 7% annual interest. The initiative seeks to ensure direct benefits from natural resources, enhance local financial engagement, and promote economic development ahead of the anticipated oil sales from Block 58, with implementation scheduled for 2025.
In a significant policy announcement, President Chandrikapersad “Chan” Santokhi declared the launch of the Royalties for Everyone (RVI) program that will allocate an oil royalty of US$750 to each citizen of Suriname, with an annual interest of seven percent. The payment is to be derived from future royalties after oil from offshore Block 58 is sold. This financial instrument aims to foster economic opportunities and promote a more equitable distribution of national wealth among the population. The RVI is pegged to the US dollar to ensure stability, with distributions to be made in Surinamese dollars. Special arrangements will also be made for elderly citizens and individuals with disabilities to access their funds before 2028.”
To read the full article click here
