Suriname risks not being ready in time for the expected revenues from the oil and gas sector. Professor Marten Schalkwijk warns that the coming years are crucial for putting, among other things, legislation, tax collection, budget rules and investment policy in order.
Schalkwijk, a member of the strategic group for oil and gas policy, said in an interview with Radio ABC that the Suriname 2050 report provides a policy framework for preparing for future oil revenues. The report was presented to President Jennifer Simons and Minister of Oil, Gas and Environment Patrick Brunings in March.
According to Schalkwijk, dozens of measures must be implemented between 2026 and 2028. These include local content legislation, strengthening the Belastingdienst (Tax Authority), establishing a savings and credit fund, and introducing clear budget rules.
Dozens of laws needed
Schalkwijk is particularly concerned about the pace at which necessary laws are passed. According to him, the report mentions about fifty to sixty laws that need to be drafted or amended.
“If one of the members of De Nationale Assemblée (Suriname’s parliament) tells me that only three laws were passed last year, then I am afraid that at this pace we will not make it,” Schalkwijk said.
According to him, the preparations are urgent because investments in the oil and gas sector are continuing in the meantime. Without timely reforms, there is a risk that Suriname will soon have substantial revenues, but insufficient instruments to manage the money responsibly.
Determine destination of oil funds in advance
According to Schalkwijk, the government must already determine now in which sectors future oil revenues will be invested. He cites education, healthcare, infrastructure and the production sector as important areas of attention.
According to him, the discussion should therefore not only concern the distribution of oil funds. The main issue is how the revenues can be used to structurally strengthen the economy and improve the living conditions of the population.
“It is about how we can ensure a good future together for the entire population,” Schalkwijk says.
