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Haiti - Economy : Haiti owes $1,276,929,359.32 to Venezuela
09/02/2014 09:26:59

According to the Bureau of Monetization of Programs of Development Assistance (BMPAD) within the framework of Petrocaribe agreement, Haiti had a long-term debt with the Bolivarian Republic of Venezuela for an amount of 1,276,929,359.32 U.S. dollars as of December 31, 2013 (In March 2013 the amount of the Petrocaribe debt was 938 million dollars). Note that the amount currently due, takes into account the cancellation by Venezuela of the debt of 395 million, following the earthquake of January 12, 2010)

Recall that the Office of Monetization plays an intermediary role between the Venezuelan supplier PDVSA Petroleo S.A. and local oil companies in Haiti. To each delivery PDVSA Petroleo SA bills the BMPAD which in turn provides the bill to local oil companies who pay the state 100% of the FOB value of the cargo.

According to the price of oil on the international market, the Haitian Government transfer 40% to 75% of the amounts collected, to the PDVSA Petroleo SA. The remaining balance must be paid by Haiti, over 25 years at an annual interest rate of 1% after a grace period of 2 years. The change in the percentage retained by Haiti depends on the price of the barrel, the higher the price of oil is, the higher the portion retained by Haiti down and vice versa.

Account balances Petrocaribe Fund (BRH and BNC) :
According to the BMPAD, the balance of bank accounts Petrocaribe to the Banque Nationale de Credit (BNC), dated 31 December 2013 was U.S. $31,242,351.75 on the dollar account and 4,708,625,495.19 Gourdes on the account in Gourdes. In addition, the accountin Gourdes PetroCaribe to the Bank of the Republic of Haiti (BRH) was of 2,002,862,787.68 Gourdes.

See also :
https://www.haitilibre.com/en/news-8110-haiti-economy-haiti-owes-$938-million-to-venezuela.html

PI/ HaitiLibre