Not unmindful of Suriname’s likely emergence as a global oil giant in the not too distant future the World Bank has ‘opened its coffers’ to Guyana’s neighbour to the east that has seen the Bank Group’s Board of Directors endorse a new strategic partnership with the country that will last over the next four years and is reportedly focused on supporting the country’s long-term development vision.
Suriname’s recent world class oil discoveries has significantly altered the international financial infrastructure’s perception on the country’s creditworthiness, the Wednesday October 2 report on the agreement asserting that it is linked to the country’s Multi-Annual Development Plan for 2022-2026’ The aim, a report from Washington states, is to create more sustainable and equitable opportunities for Suriname following the country’s recent offshore oil discoveries.
Suriname, in recent months, has spent much time drawing international attention to its recently realized petro fortune which has materialized at a time when the country was in the throes of an economic recession, including what, reportedly, was a significant contraction in the country’s Gross Domestic Product and runaway inflation. Suriname, like Guyana, has moved swiftly to attract the international community to its petro fortune through the staging an oil-related fora that have attracted potential international investors. Unsurprisingly, the government in Paramaribo has indicated that its focus, going forward, will be on increasing the number of jobs available to Surinamese and protecting the environment, undertakings not altogether given by Guyana following its own oil discoveries back in 2015.
In response to the World Bank’s recent announcement Suriname’s Finance Minister, Stanley Raghoebarsing, is quoted as saying that the Bank’s gesture “comes at a time when Suriname is poised for significant transformation.,” adding that “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,” the country’s Finance Minister Stanley Raghoebarsing is quoted as saying.
Allied to Suriname’s oil-driven development agenda will reportedly be the World Bank’s expectation that the authorities will be mindful of its obligation to protect the country’s rainforest. The Bank will reportedly be supporting the efforts of the authorities in Paramaribo to access carbon markets, promote sustainable mining, and enhance community-led resilience initiatives, promoting eco-friendly livelihoods and safeguarding the environment.
The World Bank’s representative in Paramaribo, Diletta Doretti is on record as saying that “the new partnership (The World Bank and Suriname) 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.” The World Bank Resident Representative is quoted as saying.
