Suriname becomes the 52nd country to implement the EITI

The EITI Board today approved Suriname’s EITI candidature application.

Fredrik Reinfeldt, Chair of the EITI, today welcomed Suriname as a new member of the EITI family.

He said: “We hope that the EITI will help Suriname to ensure that its natural resources are used for the development of the country”.

The EITI in Suriname creates a platform for the government, companies and civil society to contribute to ensuring good governance of the abundant natural resources. As the country is preparing its national development plan for 2017-2021, the contribution of the extractive sector to deliver economic and equitable growth is key.

Minister of Natural Resources, Regilio Dodson, said:
"Our primary goal with implementing the EITI is to build a national consensus between social partners on how to develop the extractive industry to the benefit of society.
The EITI Standard will help us develop trust and openness for everyone to contribute this cause.
The information generated out of the EITI process will serve as an instrument in planning and decision-making to inform our policies."

Suriname’s EITI work plan includes issues that go beyond the EITI requirements, but are important to the stakeholders civil society, government and companies. These include social expenditures, environmental and social impacts, mineral agreements and investments, artisanal and small-scale mining and the revenues from construction materials.

Suriname is an upper middle-income country located on the north-eastern Atlantic cost in South America. The economy has performed well over the last decade, largely due to its rich endowment in natural resources. GDP per capita was estimated in 2016 as USD 15,200.

The economy is characterised by strong dependence on exports of extractives and a large public sector. Alumina, bauxite, gold and oil have in recent years made up three-quarters of total exports and have accounted for a large share of the government’s revenue (peaking at around 40 percent in 2011–2012). Among the major extractive companies operating in Suriname are Staatsolie, IAMGOLD, Canasur Gold, Surgold (Newmont), Kosmos and Nana Resources.

The decision of the Board on the status of Suriname in full:

The EITI admits Suriname as an EITI candidate country on 24 May 2017. In accordance with the EITI Standard, Suriname is required to publish its first EITI Report within 18 months of becoming a candidate (i.e., by 24 October 2018). Suriname is required to publish an annual activity report for 2017 by 1 July 2018. Validation will commence within two and a half years of becoming a candidate (i.e., by 24 October 2019). In accordance with the work plan submitted by the MSG, the EITI Board expects Suriname to publish a beneficial ownership roadmap by 30 September 2017.

For more information about the EITI process in Suriname please visit the country page on eiti.org or contact the country Manager, Francisco Paris [fparis@eiti.org].

Image showing Minister Regilio Dodson at the Board meeting with EITI Chair Fredrik Reinfeldt.