VP Brunswijk is embroiled in a money laundering case in the Netherlands

Happy Monday! We hope everyone has a great week!

This week, we cover Suriname’s economic recovery, Santokhi’s attendance at the 48th CARICOM heads of government meeting, and VP Brunswijk has become embroiled in a money laundering case in the Netherlands.

Suriname’s difficult economic recovery.

• Suriname has undergone a difficult economic journey, but inflation has dropped from 60% to 10%, and the national debt has decreased from 148% to less than 90% of GDP.

• IMF Director Andre Roncaglia emphasizes that this success should not be taken for granted and compares financial discipline to a diet: necessary but not always pleasant.

• IMF mission leader Anastacia Guscina warns that loosening discipline could lead to inflation. Suriname must prepare for future oil revenues and ensure transparency.

• The ninth IMF review is crucial, as final approval will release funds needed to repay debts and maintain economic stability.

Santokhi’s Caricom Heads of Government meeting report.

• President Chan Santokhi attended the 48th CARICOM Heads of Government Meeting in Bridgetown, Barbados, from February 19 to 21 but was only present for part of the summit due to urgent commitments in Suriname.

• The theme was "Strength in Unity: Forging Caribbean Resilience, Inclusive Growth, and Sustainable Development."

• Key topics included food security, climate change, Haiti, security, and the CARICOM Single Market economy.

• Santokhi presented Suriname’s progress and discussed the OAS Secretary-General election. Santokhi stressed the need for international collaboration and knowledge sharing between Caricom and other international entities.

• Furthermore, Santokhi held meetings with UN Secretary-General António Guterres, EU Commission President Ursula von der Leyen, and the Saudi Minister of State for Foreign Affairs Adel Aj-Jubeir.

• Santokhi stressed the need for engagement with Caricom and global partners in tackling regional challenges. His discussions with various international figures highlighted Suriname’s focus on diplomacy in the region and beyond.

Vice President Ronnie Brunswijk has become wrapped up in a money laundering case in the Netherlands.

• The Dutch Public Prosecution Service (OM) has demanded a seven-year prison sentence for Piet Wortel for laundering nearly €8 million.

• Initially silent, Wortel later claimed that the 163 gold bars, worth €6.5 million, belonged to Suriname’s Vice President Ronnie Brunswijk.

• However, no solid evidence supports this claim.

• Authorities suspect the gold was used for illicit transactions. Wortel's lavish lifestyle and lack of legal income triggered the investigation.

• The OM views the gold as criminal assets and seeks its confiscation, along with luxury cars like a Rolls-Royce, and Bentley. A forfeiture procedure will follow, targeting additional illicit assets.

The NDP (National Democratic Party) has filed a complaint against Guyanese aggression in the Tigri region.

• The National Democratic Party (NDP) has filed a complaint with Caricom against Guyana’s alleged unlawful occupation of Surinamese territory in the Tigri area.

• The party accuses Guyana of violating the Treaty of Chaguaramas and calls for strong action. The NDP views Guyana’s actions as provocations threatening regional stability and demands an immediate withdrawal.

• It urges the Surinamese President to take decisive steps to protect national sovereignty. The party calls for national unity and hopes Caricom will intervene to ensure a peaceful resolution.

• The NDP insists that defending Suriname’s territorial integrity is a collective national responsibility.

Suriname's offshore oil and gas industry is experiencing rapid development, with five exploration wells planned for 2025 across multiple offshore blocks.

• Staatsolie, the national oil company, is actively working to attract international energy companies for further exploration in open offshore areas.

• In Block 58, a final investment decision (FID) was announced last year with the project already in full swing and 10% of development activities completed.

• Over 7 billion dollars in contracts have been signed for critical project components and first oil production is expected by 2028.

• In Block 52, Petronas is advancing exploration and is also focused on finalising a final investment decision (FID) in 2026 with new oil exploration wells planned to start in June 2025.

• Further exploration and geological activities are expected to continue through 2025 and in the coming years with various partners.

• Offshore drilling activities will be supported entirely from Suriname, with supply chains operating from Paramaribo.

• The involvement of local suppliers and workforce training will boost Suriname’s economy.

• Geological surveys in 2024 gathered seabed samples, with data analysis expected to be completed in Q1 2025.