Suriname Launches Groundbreaking Programme to Distribute Oil Wealth to Citizens
In a move that is being hailed as a pioneering initiative, the government of Suriname has launched a programme to distribute a portion of the country’s future oil wealth directly to its citizens. The programme, known as "Royalties voor Iedereen" (RVI) or "Royalties for All," aims to provide a share of the revenue generated from oil production to the population.
According to a report by Yahoo Style France, the Surinamese government, led by President Chan Santokhi, has begun distributing coupons to citizens, which can be redeemed for cash or saved for future use. The programme is designed to provide a share of the country’s oil wealth to its citizens, with the aim of reducing poverty and improving living standards.
As Yahoo Style France reports, the programme is the brainchild of Lazard, a financial advisory firm, which proposed the concept of a direct distribution of oil revenues to citizens. According to Pierre Cailleteau, an associate at Lazard, the programme is "a coupon that can be cashed if and only if the state receives royalties from oil in the future." Cailleteau notes that this type of programme is unique, with few countries implementing similar initiatives.
The first batch of coupons was distributed in early May to around 570,000 eligible citizens, with the elderly and disabled being the first to benefit. These individuals can withdraw a sum equivalent to $750, which is being provided as an advance by banks. The programme will be gradually extended to other age groups, with citizens aged 60 and above set to benefit next.
Citizens aged 18-59 will be able to activate their coupons in 2028, when the country starts to receive oil revenues. They will have two options: to withdraw the money or save it, earning a maximum of $1,275 with 7% interest per annum. Those who save for 10 years will receive a bonus of $150.
As Yahoo Style France reports, not all citizens are planning to save their coupons, with some intending to use the money to improve their living standards. Naslem Doelsan, an 80-year-old citizen, told Yahoo Style France that she plans to use the money to buy food and other essentials, saying "Why save, I’m already old and I want to enjoy my money."
The programme has been welcomed by some as a way to reduce poverty and improve living standards in Suriname, which is one of the poorest countries in South America. However, there are concerns about the accessibility of the programme for indigenous and Maroon communities, who live in remote and rural areas.
Giovanna Montenegro, a researcher at the University of Binghamton, notes that "it will be crucial to ensure that the programme is accessible to all citizens, including those living in remote areas." Prewien Ramadhin, director of e-gov, the agency responsible for implementing the programme, promises that "we will follow the programme’s progress" and ensure that it benefits all citizens.
The launch of the RVI programme is a significant development for Suriname, which is expected to become a major oil producer in the coming years. The country’s oil reserves are estimated to be substantial, with the French company TotalEnergies investing $10.5 billion in the country’s oil sector. With the programme, the government aims to provide a share of the oil wealth to its citizens, reducing poverty and improving living standards.
According to Yahoo Style France, the programme is a positive step towards ensuring that the country’s natural resources benefit its citizens, rather than just a select few. As President Santokhi notes, "it’s their share," referring to the citizens’ right to a portion of the country’s oil wealth.
The programme is also expected to have a positive impact on the country’s economy, with the aim of reducing poverty and improving living standards. With a significant portion of the population living below the poverty line, the programme is seen as a crucial step towards addressing this issue.
In conclusion, the launch of the RVI programme in Suriname is a significant development that has the potential to improve the lives of its citizens. As reported by Yahoo Style France, the programme is a pioneering initiative that aims to provide a share of the country’s oil wealth to its citizens, reducing poverty and improving living standards. With its implementation, the programme is expected to have a positive impact on the country’s economy and the lives of its citizens.
