Haiti - Economy : Haiti owes more than $2 billion to Venezuela
The Ambassador recalled that this fund is part of efforts to consolidate the ideology of Hugo Chavez and to promote the elimination of social inequalities. According to Pedro Antonio C. Gonzalez, the funds are used in projects related to the needs of the Haitian population.
How work the PetroCaribe funds :
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.
Part financed over 25 years with 1% annual interest including 2 years of grace :
If the price of barrel is $150 or more: Part Cash 30% - Part Funded 70%
Between $80 and $100. Part Cash 50%: Part Funded 50%
Between $50 and $80. Part Cash 60%: Part Funded 40%
Between $40 and $50. Part Cash 70%: Part Funded 30%
Part financed over 17 years with 2% annual interest including 2 years of grace :
If the price per barrel is between $30 and $40 : Part Cash 75%: Part Funded 25%
234 projects funded by the PetroCaribe funds :
This PetroCaribe agreement, signed by Haiti on May 14, 2006 with the Venezuelan government. has helped to finance between 2011 and 2014, 234 projects for nearly $1.2 billion. All the details on these investments are available in a report of over 200 pages, which summarizes and illustrates all public interventions undertaken for 31 months under the Martelly-Lamothe administration through this mechanism.
Download the PetroCaribe Report : https://www.haitilibre.com/docs/GZS_13183_Bilan_PetroCaribe_2015-02-23.pdf :
According to the Bureau of Monetization of Development Assistance Programs (BMPAD) the PetroCaribe long-term debt, accumulated as of January 31, 2015, to be paid over 25 years amounted to nearly 2 billion US dollars (1,999,265,940.11).
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