Suriname, a small South American country, has unveiled a plan called “Royalties for Everyone” to share revenues from newly discovered oil and gas fields with its citizens. The project, known as Block 58, has revealed significant oil reserves that are expected to generate around $10bn over the next 10 to 20 years. President Chan Santokhi has announced that every Surinamese citizen will receive a savings note worth $750 with an annual interest of 7 percent from the royalties income.
The initiative marks a significant shift in Suriname’s economic policy and aims to distribute the wealth generated from natural resources directly to the people. The oil and gas production is set to begin in 2028.
Suriname and its neighbor Guyana are not the only countries in the region to share oil wealth with their citizens. Guyana recently announced cash payments to its citizens, while Suriname is setting up a sovereign wealth fund to manage the influx of oil cash.
Other countries like Mongolia and Botswana have similar initiatives in place to benefit their citizens from natural resource wealth. In the US, states like Alaska, Alabama, and Montana also have programs in place to allocate oil and gas revenues for the benefit of their residents. Suriname’s move to share oil revenues with its citizens could potentially transform the lives of its people and help alleviate poverty in the country.
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