Suriname

EITI Status Yet to be assessed against the 2016 Standard
Joined EITI in 2017
Website EITI Suriname
Last updated 9 August 2019

Overview

A country with a population of 560.000 inhabitants, Suriname has a economy dominated by the mining industry, with exports of oil and gold accounting for approximately 85% of exports and 27% of government revenues. This makes the economy highly vulnerable to mineral price volatility. The worldwide drop in international commodity prices and the cessation of alumina mining in Suriname significantly reduced government revenue and national income during the past few years.

Suriname's economic prospects for the medium-term will depend on its commitment to responsible monetary and fiscal policies and on the introduction of structural reforms to liberalize markets and promote competition. The government's over-reliance on revenue from the extractive sector colors Suriname's economic outlook. Following two years of recession, the Fitch Credit Bureau reported a positive growth of 1.2% in 2017 and the World Bank predicted 2.2% growth in 2018. Inflation declined to 9%, down from 55% in 2016 , and increased gold production helped lift exports.

Source: CIA The World Factbook

EITI Implementation

Suriname became a member on 24 May 2017

Timeline: 

 

Suriname's multi-stakeholder group members are:

Government

  • Dave Abeleven  (Ministry of Natural Resources)
  • Valerie Lalji  (Ministry of Natural Resources)
  • Joy ten Berge (Ministry of Finance)
  • Joan Veldhuizen (Ministry of Finance)
  • Henk Deel (Ministry of Regional Development)
  • Aroen Jadoenathmisier (Ministry of Trade and Industry)

 

Civil Society

  • Rayah Bhattacharji (Stichting Projekta)
  • Monique Essed-Fernandes (Stichting Projekta)
  • Rene Artist (VIDS)
  • Erna Aviankoi (VSG & 12 Lo’s)
  • Roy Caupain (SWOS)
  • Dimitri Tjon Sie Fat (Green Heritage Fund)
  • Lisa Best (Tropenbos Suriname)

 

Companies

  • Daniela Herkul (Staatsolie)
  • Tom Fauria (Kosmos Energy)
  • Sharmila Jadnanansing (Rosebel Gold Mines/IAMGOLD)
  • Albert Ramdin (Newmont Suriname)
  • Tedy Jbara (Canasur Gold)
  • Michael Naarendorp (Nana Resources)

First EITI Report

BDO was selected in July 2018 by Suriname's multi-stakeholder group as the Independent Administrator to produce the first report due on 24 November 2018. Suriname has asked for an extension to the reporting deadline. Through Board Decision, Suriname was found ineligible for an extension for publishing its first EITI Report and threfore suspended on 26 February 2019. On 24 May 2019, Suriname published the 2016 EITI Report. The suspension was lifted on 10 June 2019.