Washington, D.C., October 1, 2024 - The World Bank Group’s Board of Directors endorsed a new strategic partnership for Suriname for the next four years outlining a roadmap to support Suriname's long-term development vision, focusing on fostering economic resilience, promoting inclusive growth, and strengthening institutional governance.
The strategy is aligned with the Government of Suriname’s Multi-Annual Development Plan for 2022-2026 and focuses on creating more sustainable and equitable opportunities considering recent offshore oil discoveries. It also comes at a pivotal moment for Suriname, which is recovering from an economic recession, including a contraction of GDP by 15.9% in 2020 and inflation peaking at 74% in 2021. With the country now on a recovery path, this framework will help guide efforts to leverage its recent offshore oil discoveries.
Increasing employment and reducing citizens’ vulnerability while protecting the environment are among key objectives of the new strategy. This includes improving access to quality education and training, ensuring that Suriname's workforce is prepared for future economic opportunities, especially in emerging sectors. It also supports enhancing the business environment to drive job creation and economic diversification, as the country anticipates new oil revenues. Importantly,given Suriname’s vulnerability to natural disasters and its unique status as one of the world’s few carbon-negative nations, strengthening resilience to climate and disaster risks is integrated into 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.
With Suriname’s forests covering 93% of the country, preserving it while improving the livelihoods of forest-dependent indigenous and maroon communities is critical. The World Bank will support efforts to access carbon markets, promote sustainable mining, and enhance community-led resilience initiatives, promoting eco-friendly livelihoods and 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 Suriname recovers from fiscal challenges, the strategy is expected to provide the country with financial and technical support to build capacity, address poverty, and ensure inclusive growth.
The strategy was prepared based on a comprehensive analysis of the country’s development challenges in consultation with the government, the private sector, civil society, and development partners.
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