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Haiti - Economy : The Government owes more than 5 billion Gourdes to the oil companies
02/08/2019 10:24:35

Haiti - Economy : The Government owes more than 5 billion Gourdes to the oil companies
The Ministry of Economy and Finance is currently in discussion with the oil companies to find a solution to a debt of more than 5 billion Gourdes, which the Government owes to these companies as a refund of the subsidy on fuels, which is assumed in the first place by those companies that buy and import more expensive fuels than they resell at the pump because of the prices set by the Government.

Aware that this debt affects the cash flow of these companies, the government is looking for ways to provide them with more liquidity so they can continue to buy fuel and avoid stock-outs and a shortage in Haiti, which would aggravate an already very precarious situation in the country...

Some companies (small and medium) are finding it increasingly difficult to supply the market and if the State does not repay subsidies in the short term, many of them (the smaller ones in particular) are afraid of having to stop their operations, resorts to the financial system with its limits and only worsens their cash, to assume in addition to this debt, non-negligible interest rates...

The oil companies want firm commitments from the State, the payment of debt (which continues to increase) or at least part of it and the establishment of a mechanism for reviewing fuel prices at the pump, in order to phase out this subsidy. A situation all the more complicated for a resigning government that is limited to liquidate the current affairs of the State pending the ratification of a new Government.

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