Suriname Votes in Parliamentary Elections to Manage Potential Oil Wealth

Suriname’s parliamentary elections commenced on Sunday, set to determine how the nation harnesses newfound oil wealth amidst existing economic challenges. With rampant inflation and significant poverty affecting many citizens, the results promise to shape the country’s future. Candidates face tough competition with predictions unclear among multiple parties. The new government will oversee billions in oil revenue and its allocation to citizens for the next decades, while also grappling with environmental responsibilities.

Paramaribo, Suriname – Suriname commenced its parliamentary elections on Sunday, a decisive moment that will shape the nation’s approach to managing newfound oil wealth. With the smallest population among South American countries, Suriname faces significant challenges such as high debt levels, burgeoning inflation, and poverty that affects roughly 20 percent of its 600,000 citizens. However, the recent discovery of offshore oil reserves presents a potential game-changer.

Incumbent President Chan Santokhi expressed optimism about the financial prospects, stating, “It will be a huge amount of income for the country.” He emphasized the opportunity to improve living conditions and foster inclusive national growth. Surinamese citizens were tasked with selecting a new parliament, comprising 51 members, who will elect the president and vice president within weeks.

While Santokhi could potentially seek re-election, the electoral landscape is quite unpredictable, with no single party leading definitively as voters head to the polls. Defence Minister Krishna Matheora articulated the necessity for Santokhi’s Progressive Reform Party (VHP) to maintain its governance, emphasizing the significance of building on previous economic stability initiatives.

The implications of this election are substantial, as analysts project that Suriname could reap billions in revenue from its oil discoveries over the next decade. In a noteworthy development, French multinational TotalEnergies unveiled a $10.5 billion project aimed at exploiting one of Suriname’s offshore oil fields, estimated to yield 220,000 barrels per day by its 2028 production start.

The government has initiated a “Royalties for Everyone” fund, a mechanism designed to distribute a portion of the anticipated oil revenues directly to citizens, potentially uplifting the population.

This year’s election features a diverse slate of 14 parties, including Santokhi’s VHP and the leftist National Democratic Party (NDP), led by the late Desi Bouterse. Also competing are Vice President Ronnie Brunswijk’s center-left General Liberation and Development Party (ABOP), who has historical ties to guerrilla movements against Bouterse’s government.

Provisional election results are anticipated by Sunday evening. This election marks a pivotal anniversary for Suriname, as the country approaches its 50th anniversary of independence in November, a milestone accompanied by reflections on its demographic diversity stemming from Indian, Indonesian, Chinese, Dutch, Indigenous, and African heritage.

Particularly notable is Suriname’s evolving international relations, as it has increasingly leaned on China for political and economic cooperation, notably joining China’s Belt and Road Initiative in 2019. Meanwhile, U.S. Secretary of State Marco Rubio visited Suriname in March, signaling a strategic attempt to curtail China’s growing influence in Latin America.

Suriname’s commitment to environmental concerns remains strong, with over 90 percent of its land covered by forest, contributing to its unique position as one of the few nations with a negative carbon footprint. Santokhi is adamant that the oil windfall will not compromise ecological integrity. “It will be gone after 40 years,” he remarked, underscoring the need for a transition to green energy amidst the fossil fuel potential.

The parliamentary elections in Suriname hold crucial implications for the nation’s future, particularly regarding the management of its substantial oil reserves. With the potential for significant financial windfalls, the new government will have the opportunity and the responsibility to transform the lives of its citizens while addressing pressing economic challenges. As Suriname approaches its 50th independence anniversary, the outcome of this election could mark a pivotal moment in its history, especially in balancing economic growth with environmental sustainability.

Original Source: www.rfi.fr