Suriname’s president has announced a program of “royalties for everyone” as the South American nation plans for a boon from recently discovered oil and gas reserves.

Suriname and its neighbor Guyana, both former Dutch colonies, expect to make billions in the years to come from rich offshore crude deposits. Earlier this month, Guyana announced all adult citizens living at home and abroad would received a payout of around £370 as part of an effort to redistribute its oil wealth.

Experts have said Suriname – a country of 600,000 people – stands to make about $10bn in the next 10 to 20 years.