Venezuela cancels Haiti's Petrocaribe debt after payment of 500 million dollars

By Blaise Robelto Flanky, Lakay Info, Feb. 24, 2023

Negotiations with Venezuela for the cancellation of this debt began under the Jovenel Moise government, but did not succeed, in part because of the former governor of the Central Bank, Jean Baden Dubois, had obstructed the process. Dubois' actions may have been one of the reasons for his replacement during a Council of Ministers meeting organized on Sunday September 8, 2023 by Ronald Gabriel, then director general.

Venezuela canceled the debt of Haiti's Petrocaribe fund, putting an end to the political rhetoric and media manipulation that surrounded the issue. This includes claiming that this debt would be passed down from generation to generation and using it as a political tool against adversaries.

The Ministry of Information of Venezuela announced last Friday, February 23, 2024, that the country received a payment of 500 million dollars from Haiti for the reimbursement of fuel supplies (Petrocaribe) coming from Venezuela , as part of a regional cooperation agreement.

Under the leadership of the late President Hugo Chavez, Venezuela sent millions of barrels of crude and fuel to its Caribbean neighbors, many of whom, including Haiti, then struggled to service debts. Current President Nicolas Maduro has expressed his intention to revive this agreement, demonstrating a commitment to regional cooperation.

Haiti's payment of $500 million helped cancel the total accumulated debt, which stood at $2.3 billion. Thus, Haiti no longer owes a single dollar to Venezuela. Recall that in 2010, President Hugo Chávez had already canceled a billion-dollar debt for Haiti, saying at the time: "Haiti does not owe a debt to Venezuela, rather it is Venezuela which has a historic debt to Haiti.”

 

Translated by CHIP editors

 

Posted Feb. 25, 2024