Happy Monday!

This week we cover Suriname’s attendance at COP 28, further examination of the deaths from the gold mining incident, and an examination of the country’s economic standing.

Suriname’s Chan Santokhi attends COP 28

• President Chan Santokhi led a delegation to the annual United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates.

• The President expected the discussion of topics important for Suriname such as damage and loss and adaptation measures will be explored at COP28.

• Active participation in the discussions is important to ensure that concrete actions are taken to effectively implement these measures.

• Building capacity and inclusivity are also vital to allow Suriname to preserve sustainability in Suriname and protect biodiversity and rainforests in Suriname.

• Suriname is a carbon-negative country as well as a country that is a High Forest Low Deforestation land, and a member of organizations such as the Amazon Cooperation Treaty Organization. This makes it vital for Suriname to play a role in conferences like COP28.

• At COP28, President Chan Santokhi emphasized that preserving existing forests should be given higher priority than reforestation or afforestation.

• He also stressed the need for new financial agreements and the fulfillment of previously agreed-upon financial commitments to support climate action throughout the developing world. Moreover, he also called for a simplification of procedures for accessing global climate funds to finance projects to improve living conditions, rather than the current strategy.

• Suriname’s recently announced offshore oil industry has raised doubts about its ecological footprint, however, Santokhi doubled down on Suriname’s commitment to remaining carbon-negative.

• Suriname aims to develop strategies for a low-carbon, resilient economy, with a transition towards being a country based on sustainable green energy and transportation options, especially for rural communities.

• The President urged international support for technology transfer and financial assistance to achieve a transition away from fossil fuels. While only about 5% of Suriname’s energy production comes from renewable sources, the country aims to increase throughout its transition.

Deaths of miners at illegal operation reaches 16.

• The death count of the miners from the illegal mining operation has reached 16 miners.

• While Suriname continues to mourn these losses, the Association of Economists in Suriname (VES) has stressed the necessary reformation of the gold sector in Suriname.

• They stress the necessity for stakeholder participation in such reformation to allow for the safety of the industry for all participants.

• The community of Brokopondo continues to mourn as representatives for the Brokopondo region will aim for regulation of the gold sector as the region continues to mourn.

Suriname’s economic performance assessed through the government’s eyes.

• President Santokhi has detailed how economic recovery packages will assist vulnerable groups in the country.

• Nearly one-third of the budget, approximately 16 billion, will go toward social policy, and has been stated that the economic downturn has been stopped and now the focus goes toward recovery. Suriname’s inflation is currently estimated to be around 37% by the end of the year and is projected to decrease further in 2024.

• The president detailed various measures to boost purchasing power, from the start of the New Year.

• 1. Increased tax-free allowance from SRD 7,500 to SRD 9,000, with an additional SRD 400 deduction, effectively raising the tax-free limit to SRD 9,400.

• 2. Adjusted income tax brackets, providing relief of between SRD 500 and SRD 1,500 for working-class individuals.

• 3. Additional monthly purchasing power enhancement of SRD 1,000 for civil servants and those similarly situated, on top of the existing SRD 2,500.

• 4. Pensioners receive 70% of the additional SRD 1,000 monthly enhancement.

• 5. One-time payment of SRD 5,000 for civil servants in December 2023, with SRD 4,200 paid upfront and the remaining SRD 800 phased over 2024.

• 6. Temporary suspension of VAT on essential goods and cooking gas for six months.

• 7. Reduced excise tax on fuel for one month.

• The government hopes that these measures will allow for further improvement of the country’s economy.