PARAMARIBO - Suriname, South America's smallest country, is preparing for an inflow of cash from a huge offshore oil find, with the president insisting the population will receive a direct share of the wealth.
The Dutch-speaking nation of about 600,000 people expects to rake in about $10 billion in the next decade or two, with crude extraction set to begin in 2028.
Projected output is 220,000 barrels per day (bpd) -- up from about 5,000 to 6,000 -- in a country where one in five people live in poverty.
"From 2028, we'll be an oil-producing country," President Chan Santokhi told AFP ahead of elections Sunday for lawmakers who will choose the next president.
He is one of several candidates in the running to steer the former Dutch colony wedged between Brazil, Guyana and French Guiana.
"It will be a huge amount of income for the country," Santokhi said. "We are now able... to do more for our people so that everyone can be part of the growth of the nation."
Besides investing in agriculture, tourism, health, education and green energy, some of the oil money is being paid directly to Surinamese citizens under a program Santokhi has dubbed "Royalties for Everyone" -- RVI for its Dutch acronym.
"It's their share," he said.
Victorine Moti, a finance ministry official responsible for the fund, told AFP: "The whole population of Suriname is eligible for this program, everybody who was born before the 1st of January 2025 and had the Surinamese nationality."
"In figures, it's 572,000 people."
All eligible citizens can register to receive a one-off payment equivalent to $750 paid into an account with an interest yield of seven percent per year.
"With the certificate, they can go to the bank and they have two options: they can withdraw the money or they can choose to save. Hopefully, they will try to save and not cash out immediately," said Moti.
The first beneficiaries are the elderly and disabled, paid with funds advanced by banks.
Next in line will be people 60 and older, then -- once the revenues start flowing in 2028 -- the biggest group of people aged 18-59.
People who save their money for 10 years will receive a bonus of $150 on top of interest earned.