Guyana : Finance Minister Dr. Ashni Singh says that under the Petro Caribe 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 Petro Caribe deal, at a press briefing yesterday at the National Communications Network, the Finance Minister said, thus far the deal has worked well for Guyana.
“I would say Petro Caribe 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.”
When asked, whether the administration is concerned about the Perto Caribe deal given the political situation in Venezuela, Dr. 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 Petro Caribe deal, Dr. Singh said the administration continues to seek out other viable markets for its rice.
Petro Caribe is an oil 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.
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