Venezuela cancels SVG’s PetroCaribe debt in full

Venezuela is forgiving Saint Vincent and the Grenadines remaining PetroCaribe debt in full. The announcement was made on Tuesday by Prime Minister Ralph Gonsalves upon his return from Venezuela, arriving on Conviasa’s first weekly flight between Caracas and St Vincent.

“Venezuela has given us 100 percent relief on the remaining debt to PetroCaribe, which amounts to approximately EC189 million dollars. Petrocaribe will be restarted with a discount of 35 percent on the price of fuel in participating countries”. The move could see SVG’s national debt fall by 9%, according to the Prime Minister.

He further said that Caracas will half the debt of the other Organization of Eastern Caribbean States countries that are members of PetroCaribe, which will be reset to offer fuel at 35% discount to participating countries.

Gonsalves said he met on Monday with President Nicolas Maduro, who also pledged homes for people affected by last year’s volcanic eruption as well as fertilizer for farmers. In addition, Gonsalves said there would be weekly shipments of urea to be used in agricultural fertilizers and free asphalt to repair roads.

The Prime Minister met with President Nicolás Maduro, Vice President Delay Rodriguez, and President of ALBA Bank Raul Li Causi during his 10 days in Venezuela and returned to Argyle International Airport on Conviasa’s inaugural weekly flight between Caracas and Saint Vincent.

By Kawsachun News with information from St. Vincent Times and iWitness News