Petrocaribe - Haiti Owes Nearly $1.6 Billion To Venezuela

Haiti - Economy : Petrocaribe, Haiti owes nearly $1,6 billion to Venezuela
(Haiti Libre) - 04/02/2015 10:16:03

According to the Bureau of Monetization of Development Assistance Programs (BMPAD) from the coming into force of the PetroCaribe Agreement until 31 December 2014, total imports amounted for Haiti to nearly 32.7 million barrels petroleum products at a total cost of just over 3.5 billion US dollars (US $ 3,541,135,866.55)

The portion to be paid was a little over 1.5 billion (US $ 1,557,942,836.89) It was paid to the Venezuelan supplier PDVSA Petroleo SA US $ 1,549,429,870.70, in accordance with the terms of the Petrocaribe agreement

The actual cumulative Haiti debt at December 31, 2014, is close to $1,6 billion (US $ 1,588,193,029.66) after deducting the cancellation of 395 million debt by the Bolivarian Republic of Venezuela, after the earthquake of January 12 2010.

Note that this debt has increased by more than $ 211 million over the amount of the actual debt of Haiti to 31 December 2013 (US $ 1,276,929,359.32) http://www.haitilibre.com/en/news-10491-haiti-economy-haiti-owes-$1-276-929-35932-to-venezuela.html while this debt was $938 million in March 2013 http://www.haitilibre.com/en/news-8110-haiti-economy-haiti-owes-$938-million-to-venezuela.html

At 31 December 2014 the balance of the PetroCaribe funds were a little over 6 million US dollars (US $ 6,000,634.33) on the account of the BNC, a little over 3.5 billion gourdes (HTG 3,543,723,032.62) on the account of the BNC and a little over 176 million Gourdes (HTG 176,953,772.63) on the account of the BRH.

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.

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%