Fourth Guyana debt arrangement written off under PetroCaribe deal with Venezuela
Guyana’s finance minister, Dr Ashni Singh, said that, under the PetroCaribe deal with Venezuela, the fourth debt compensation arrangement has been written off by Venezuela for rice supplied to the neighbouring country.
Responding to questions about the future of the PetroCaribe deal, at a press briefing on Saturday, the finance minister said thus far the deal has worked well for Guyana.
“I would say PetroCaribe has worked well for Guyana, we have been extremely prudent in how we manage that mechanism, as you know in Guyana the project has not only resulted in making available financing through our oil purchases, from Venezuela but very importantly has provided a market for rice produced in Guyana,” he explained.
When asked, whether the administration is concerned about the PetroCaribe deal given the political situation in Venezuela, Singh said the government remains hopeful that Venezuela recognises the significance of the deal and its benefits for both nations.
While acknowledging Venezuela as an important partner under the PetroCaribe deal, Singh said the administration continues to seek out other viable markets for its rice.
PetroCaribe is an alliance of many Caribbean states with Venezuela to purchase oil on conditions of preferential payment. The alliance was launched on June 29, 2005, in Puerto La Cruz, Venezuela.