Basseterre, St. Kitts, December 17, 2015 (SKNIS)—The Government of St. Kitts and Nevis is in discussions with the Bolivarian Republic of Venezuela regarding outstanding debt under the Petro Caribe arrangement.
Minister of Public Infrastructure, Posts, Urban Development and Transport, The Honourable Ian Patches Liburd informed the public that the debt to the Bolivarian Republic of Venezuela through the Petro Caribe arrangement stands at $US83 million of which $45 million is due and payable.
“We are in discussions with the PDVSA to see how best we can service that debt,” Minister Liburd said on the government’s radio programme “Working for You.”
“$16 million of it is current…remember the agreement speaks to a 25-year period over which you pay the debt but you pay the current fuel price,” he added.
Several Caribbean countries are beneficiaries of the Petro Caribe arrangement that provides for concessional financing for a portion of the fuel cost, depending on the market price.
Minister Liburd said he is not sure if there will be any new arrangements considering the recent election results in Venezuela which saw the Democratic Unity opposition coalition winning a key two-thirds majority in the National Assembly of Venezuela. The opposition won 112 of 167 seats, defeating the Socialist Party of President Nicolas Maduro.
The minister however sought to allay any fears or concerns that Venezuela may look to end that arrangement with St. Kitts and Nevis and the rest of the Caribbean, noting that Prime Minister Dr. The Honourable Timothy Harris is able to convince the Democratic Unity coalition to continue to social and economic policies of Venezuela towards St. Kitts and Nevis.
St. Kitts and Nevis has already benefited from an EC $16 million grant used for a gratuitous payment for former employees of the St. Kitts Sugar Manufacturing Corporation.
“That is the kind of leader we have in the Team Unity Government and I say so because it is a fact,” said Minister Liburd. Prior to the elections, President Maduro reaffirmed his country’s commitment to Petro Caribe and continued assistance and development to CARICOM countries that are part of the arrangement.
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