PARAMARIBO, Suriname, CMC – The Suriname government says it expects to spend an estimated SRD50.3 billion (One SRD=US$0.03 cent) during the 2025 fiscal year with President Chandrikapersad Santokhi addressing legislators with an eye on the next elections in May next year.
Santokhi, in a two-hour presentation to the National Assembly, spoke of the achievements of his coalition administration over the past four years and said that the next few months provide an opportunity for the Dutch-speaking Caribbean Community (CARICOM) country to reflect on future possibilities and opportunities.
The government’s fiscal package of SRD50.33 billion includes revenue of SRD 48.18 billion, with a deficit of just over three billion dollars, or 1.7 percent of the gross domestic product (GDP), which Santokhi said is below the international standard.
The head of state thanked the people of Suriname for their sacrifices over the past few years and spoke of a better future “because there is a future that looks much better.”
He told legislators that TotalEnergies, the French multinational integrated energy and petroleum company, will invest US$10.5 billion in Staatsolie’s block 58 concession area. Staatsolie is a state-owned energy, oil, and gas company.
“Let us not miss our chances by playing political games,” he said, adding, “Without good policy and leadership, things can go wrong.”
Santokhi said that new legislation would be enacted regarding developing the oil and gas sectors and that the proceedings must benefit the entire population.
“Our large oil reserves represent more than just economic growth; they symbolize hope and a better beginning for our country—an opportunity that we must not squander,” he told legislators, adding that this plan cannot be pursued by “one” government alone.
“All social groups and the rest of society must work on this. The government will do what is best for Suriname,” Santokhi said, adding that a team will soon be put together to formulate a strategic policy plan and the legislation.
Santokhi praised Staatsolie for a ‘fantastic job’ over the past 40 years, adding that, given its involvement in the gold industry, it will remain a cornerstone of the local economy.
Santokhi said that a 5 percent share in the Merian gold project will contribute US$259 million to the government coffers in 2025.
In his address, Santokhi said that the government’s restructuring exercise in collaboration with the International Monetary Fund (IMF) has succeeded even though he acknowledged that it came with stringent measures.
“As a nation, we have gone through a tough time, but I stand here with the feeling that the sacrifices have not been in vain,” Santokhi told legislators, adding that the economy is growing again from a minus 6 percent to an expected positive three percent by the end of this year.
He also said that the mortgage interest rate has fallen sharply due to the policy being pursued and urged young couples to take out mortgages to build or buy a plot of land.
Santokhi said that the government had reached agreements with the trade unions. Despite the tough negotiations, the results achieved have been positive not only with the trade unions but also with other social partners.
“This is for all civil servants and their equals, a ‘well-deserved’ salary increase of 15 percent from 1 July and another five percent percent from 1 January 2025.”
He said the SRD3,500 purchasing power enhancement program will continue until the end of this year and will be included in the salary from January 1 next year.
The tax threshold has been raised, and the tax brackets have been expanded. Facilities, such as funds, have been set up for the private sector to increase production capacity and entrepreneurship.
“Things could have been different. We must learn from that. The future of Suriname is in our hands, and together, we must build a country with opportunities for everyone; division must be left behind,” Santokhi said, adding that with the developments come responsibilities.
“We must ensure that the wealth that comes from natural resources is managed responsibly. We are about to embark on a new path leading to opportunities for all. The choices we make today will determine the future of generations.
“We are at the beginning of a new chapter in which Suriname can dream of prosperity, and that dream can also become a reality,” Santokhi said, telling legislators that the financial situation has improved, inflation is under control, and the exchange rate has been stabilized.
He said investments have been made in infrastructure, education, health care, the agricultural sector, security, and the interior, and a favorable investment climate has been created that offers opportunities for investors and employees.
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