PARAMARIBO, SURINAME – Suriname’s President Jennifer Geerlings-Simons met with a World Bank delegation this week to discuss support for the country’s economic transition as it prepares for offshore oil production.
The talks, held at the Presidential Palace in Paramaribo on September 17, focused on strengthening institutional capacity, diversifying the economy and positioning Suriname to benefit sustainably from the upcoming oil and gas revenues.
In an official press announcement of the visit, President Simons underlined the urgency of preparing the country’s economy for the energy sector. She noted: “We are focusing on diversifying the economy by strengthening agriculture, tourism, and youth through education. We are also working to stimulate entrepreneurship and small and medium-sized enterprises (SMEs) with special programs. This will enable Surinamese companies to optimally capitalize on the opportunities the oil and gas industry will offer after three years.”
The World Bank, led by Resident Representative Diletta Doretti, highlighted its commitment to providing technical expertise. According to the Bank, the institution can assist with training, certification, and sectoral assessments. A comprehensive labor market study across sectors such as hospitality and agribusiness could be completed within eight months.
Carbon credits featured prominently in the discussions.
The Bank pledged to bring expertise in carbon markets and explore cooperation with the European Union to help the country secure compensation for maintaining its forests. President Simons welcomed this, stressing that carbon revenues could complement petroleum income while supporting climate goals.
“My goal is to ensure that we move quickly with oil and gas developments and convince people of what needs to be done. We already have the forest, but we need compensation. That’s why the World Bank can assist us in finding reliable partners. Our forest isn’t just fertile soil; it also contains gold, bauxite, and other valuable natural resources. So, the forest has to compete with all these opportunities,” the President added.
To move forward, the government and private sector will form working groups to collaborate with the World Bank. A technical team is expected in Paramaribo in October, followed by further discussions in New York on the sidelines of the UN General Assembly.
