Suriname celebrates 151 years of Hindustani immigration to Suriname

Happy Monday!

This week we cover a Final Investment Decision (FID) set to be announced later this year, a review of Suriname’s economic recovery program with the IMF, and celebrate 151 years of Hindustani immigration to Suriname.

Suriname expects a decision of the Final Investment Decision at the end of this year.

• In the fourth quarter of this year, the Final Investment Decision (FID) for Block 58 is expected, with oil production slated to begin in 2028.

• TotalEnergies, APA Corporation, and Staatsolie are progressing towards this decision. TotalEnergies and APA each hold a 50% stake in Block 58, with Staatsolie having the option to acquire up to 20% post-FID.

• The companies have agreed on the development area and secured a floating production and storage platform capable of 200,000 barrels per day.

• The Sapakara and Krabdagu fields, with over 700 million barrels of reserves, will be developed using advanced techniques, supported by a seismic survey covering 900 square kilometers.

• TotalEnergies and Staatsolie aim to involve local goods and services throughout the development and production phases.

• The focus is on safe, environmentally friendly operations and ensuring Suriname benefits financially. Stakeholders are urged to create a plan for managing future wealth to benefit all Surinamese people.

Suriname celebrates 151 years of Hindustani immigration to Suriname.

• The commemoration of 151 years of Hindustani Immigration in Suriname emphasized the theme of fostering unity and peace among different ethnic groups.

• Suriname has a long history of arguing that is is a representation of a collection of unity and living together among many religions and cultures.

• Ramon 'Roeli' Jawalapersad, chairman of the Foundation for Hindustani Immigration, stressed the importance of transcending ethnic divisions and nurturing love for one another for a better Suriname.

• Floral tributes were laid at 'Baba and Mai' monuments across four districts, with President Chan Santokhi attending in Paramaribo. Baba and Mai represent the arrival of the first Hindustani immigrants to Suriname. Santokhi highlighted the need to preserve ancestral culture while integrating and continuing to develop the country.

• He emphasized the ongoing duty of Surinamese to contribute to national progress. Ashwin Adhin, an NDP Assembly member, noted the productive integration of Hindustani customs into Surinamese society and the nation's diverse cultural mosaic.

Suriname and the IMF’s economic recovery continues with a sixth review of funds to be transferred.

• The IMF and Surinamese authorities have agreed on the sixth review of Suriname's economic recovery program, supported by the Extended Fund Facility (EFF). Pending approval by the IMF's executive board, Suriname will access approximately USD 61.8 million in addition to the previously received funds.

• The IMF highlighted positive economic outcomes from the authorities' policies, including economic growth, declining inflation, and rising investor confidence. The priority is to maintain fiscal discipline, protect vulnerable groups, and continue structural reforms to strengthen institutions and governance in the country.

• An IMF team led by Anastasia Guscina conducted a mission from April 29 to May 10 to discuss policies for completing the review. Despite missing some quantitative targets, corrective measures are being implemented, and structural reforms are advancing.

• Completion of the review will bring total program disbursements to about USD 384.3 million since its implementation.

The Mennonites issue continues to brew.

• In Witagron, a region next to the Coppename River in the east of the country, a conflict is brewing.

• Harold Souvenir, head captain of the Kwinti tribe, plans to collaborate with the Mennonites, led by Ruud Souverein, despite opposition from Granman (paramount chief) Remon Clemens.

• The government has publicly stated its disapproval of the Mennonites' presence. However, Souvenir has organized a meeting to formalize the collaboration between Menonites and the village, but Clemens and others oppose it.

• Despite warnings from the government, Souvenir persists. Souverein sent a proposal to Vice President Ronnie Brunswijk offering funds for Kwinti development.

• While Minister of Foreign Affairs, International Business and International Cooperation, Albert Ramdin confirmed discussions to end the project, but Souverein continues. The granman's secretary emphasizes the Mennonites are unwelcome, and the matter will be discussed further in a meeting.