The World Bank Group's Board of Directors has endorsed a new strategic partnership for Suriname, aimed at supporting the country's long-term development over the next four years. This strategy focuses on fostering economic resilience, promoting inclusive growth, and strengthening institutional governance.
Aligned with Suriname's Multi-Annual Development Plan for 2022-2026, the strategy aims to create sustainable and equitable opportunities in light of recent offshore oil discoveries. The plan comes as Suriname recovers from an economic recession marked by a 15.9% GDP contraction in 2020 and inflation peaking at 74% in 2021. The framework is designed to help leverage these oil discoveries for national recovery.
Key objectives include increasing employment, reducing vulnerability among citizens, and protecting the environment. Efforts will be made to improve access to quality education and training to prepare Suriname's workforce for future opportunities, particularly in emerging sectors. Enhancing the business environment to drive job creation and economic diversification is also a priority as new oil revenues are anticipated. Given Suriname’s susceptibility to natural disasters and its status as one of the few carbon-negative nations globally, climate and disaster risk resilience are integral components of the strategy.
“This new strategy comes at a time when Suriname is poised for significant transformation. 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,” said Stanley Raghoebarsing, Minister of Finance and Planning of Suriname.
Suriname’s forests cover 93% of its land area; thus preserving these while improving livelihoods for forest-dependent indigenous and maroon communities is crucial. The World Bank will assist efforts to access carbon markets, promote sustainable mining practices, and enhance community-led resilience initiatives that support eco-friendly livelihoods while safeguarding the environment.
“The new partnership 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,” said Diletta Doretti, World Bank Resident Representative for Suriname.
As part of its recovery from fiscal challenges, this strategy aims to provide financial and technical support to build capacity within Suriname, address poverty issues comprehensively, and ensure inclusive growth across various sectors.
The preparation of this strategy involved comprehensive analysis of Suriname’s development challenges with input from government officials, private sector representatives, civil society members, and development partners.
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