Venezuela writes off Dominica’s US$100-million PetroCaribe debt

Arreaza made the announcement on Tuesday

Venezuela has written off Dominica’s outstanding US$100-million PetroCaribe debt in a gesture of solidarity between the two countries in the wake of Hurricane Maria.

The announcement was made by Jorge Arreaza, Venezuela’s minister of foreign affairs, who said he was instructed by President Nicolas Maduro to announce the debt forgiveness.

“Due to the difficult conditions facing our brethren in Dominica after the passage of Hurricane Maria, Venezuela is announcing the start of a process of debt forgiveness in the short- and long-term term for supplies of PetroCaribe from its creation until September 10, 2017,” he said at a meeting on Tuesday. “This means the cancellation of a sovereign debt that exceeds US$100 million in order to allow the government of Prime Minister Roosevelt Skerrit funds for the reconstruction of his country, as well as the creation of a fiscal space that allows access to new credits.”

He said he was told to make the announcement by President Nicolás Maduro.

“We do not want to end this meeting without announcing a concrete provision for a country that has suffered the most which will allow the brothers of the Caribbean to enter the process of recovery,” Arreaza stated. “That is why I bring instructions from President Nicolás Maduro to formally announce before this forum an act of solidarity with our brethren in Dominica, whose precedent goes back to a similar action taken by President Hugo Chávez after the earthquake in Haiti.”

The PetroCaribe initiative was started by Venezuela’s late President, Hugo Chavez. It is an alliance between Venezuela and a number of Caribbean countries where oil is purchased on condition of preferential payment.

 

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50 Comments

  1. anonymous2
    November 24, 2017

    What else could they do. They are already in dire straights.

  2. November 23, 2017

    I need to put on my “wooden glasses” to read this one; did the Punjab PhD, and his self proclaimed Rottweiler not tell us and the world that the country has no debt as far as Petro Caribe is concerned. Commonness will dictate that since you don’t have any debt how on God’s green earth did it get forgiven; and Tony calling Linton a liar. I’m sorry the PM did not lie he just hates to speak the truth.

  3. November 23, 2017

    At list you can see how stupid, self-centered and dumb some people can be after they become gullible and blind. Dominicans are more concerned about handout than production and good reliable progress.Even though Maria did not destroy Dominica, this debt would never be paid back to those they owe because Dominica has no growth. Loans are taken to pay those they employ.Employ only to stand, sit, eat and play dominoes like the majority of police officers. Taking loans to pay employees in a country without any growth is making more damage to the country because storms like Maria comes very seldom; lives are lost, homes and other materials that they owned makes matters worse.In other words, the poor are getting poorer.
    Skerrit; you and your acolytes are the most ill-prepared politicians that Dominica has ever had. Your politics makes more devastation than Maria did because Maria was a natural phenomenon.

  4. Paul Rossnof
    November 23, 2017

    They had to write it off because they knew they’d never gotten it back anyway.

    • Gary
      November 23, 2017

      Do you know how silly you sound writing such comment, wallow in your ignorance. Wow, can’t understand how you would take the time to write such a comment.

  5. Roseau River
    November 22, 2017

    Best news so far in 2017 for Dominica. Thank you Venezuela.

  6. Rags 2 Riches
    November 22, 2017

    Folks, you see what corruption does and how it comes back to haunt us. Didn’t Skerrit tell the parliament in 2015, that there was NO indebtedness under the Petro Caribe agreement? If there were no indebtedness, why is there a forgiveness of debt? Now since Skerrit was present when that debt forgiveness announcement was made, did he as PM, ask Jorge Arreaza, Venezuela’s minister of foreign affairs to clear the air on this because Dominica was not under any debt to Venezuela? So if UWP had won the 2014 election Venezuela would probably ask for their money? Boy somebody needs to answer some serious questions to Dominica and international firms because $100 million USD is good amount of money for anyone to think they going to get away with. So I am I to conclude that monies were stolen and now someone needs to tell us where that money went to? I call on the police to make some arrests immediately!

    • Gary
      November 22, 2017

      What is your motivation for writing such nonsense and foolishness displaying such ignorance regarding The PetroCaribe Agreement.How can you conclude that money was stolen, such an irresponsible thing to conclude. Where is your evidence for making such claim from thin air. The Government of Dominica has no control of monies in the PetroCaribe pact. The Venezuelan Ambassador Carmen Martinez de Grijalva some time ago listed some of the projects undertaken in Dominica under the Petro Caribe pact, including the construction of houses, the Salibia Primary School, the Rosalie/Petite Soufriere Road, and airport extension work at the Melville Hall Airport.The people of Dominica has benefited tremendously from agreement regarding the price they pay for diesel, gasoline and and cooking gas. Do you know there are many countries in the region and Central America who have the same agreement with Venezuela that Dominica has, before you spew such nonsense get your facts correct.

      • November 22, 2017

        A debt is a debt so where did the money go? Who steal and who receive the stolen goods are one the same page. SO one get gas sell and never pay back.WHat do u say about that. You area condoning wrong . sot

      • Paul Rossnof
        November 23, 2017

        You should start opening your eyes and take the peas out of your ears. Or is it just selective hearing you having. What do you owe the DLP or Skerrit for you to deny all their wrong-doings?

      • Yo Yo
        November 23, 2017

        oh you still have not accounted for US$100,000,000, is there any more projects you can think of, if not then what is YOUR motivation for writing such nonsense.

      • Anonymous
        November 23, 2017

        OK Gary, the money was not stolen, it was waylaid or perhaps more accurately, diverted. Happy now?

      • dee
        November 23, 2017

        Gary
        The Airport extension was under Petro Caribe pact ?
        I need to rewind , reboot , reverse, revisit and review .

      • Gary
        November 23, 2017

        @ give it to them

        If you understand what the PetroCaribe Pact is you would never have asked such ludicrous questions as to who stole the money and who received the stolen goods. I’m bewildered by your profound ignorance.

      • Gary
        November 23, 2017

        @Yo Yo
        Why do you want me to defend your ignorance by giving the list of projects Dominica and Dominicans have benefitted since the inception of The PetrCaribe Pact. Every Dominican who owns and drives a car benefitted from The Petrocaribe Pact, every household in Dominica who uses Cooking Gass LPG have benefitted from the PetroCaribe Pact.Every trucker Dominica who uses diesel, have benefitted from the PetroCaribe Pact.

        Before you ask me what is motivation why did’nt you read and understand what the PetroCaribe Pact is then you could have made an informed opinion regarding the matter not accusing me of writing nonsense.

      • Gary
        November 23, 2017

        @Paul Rossnof
        Before you ask me to start opening my eyes and take the peas out of my ears, have you read and understand what the PetroCaribe Pact is.The eyes and ears are limited sense organs they can’t tell you everything, you can be misled by them. I owe the DLP and Skerrit nothing. This is not about selective hearing, you should be the last person to accuse me of selective hearing. You are entitled your opinion but it should be an informed opinion not constantly ignoring facts to suit your partisan political beliefs.

      • Gary
        November 23, 2017

        @Anonymous
        I will tell you what will make me happy, it’s when we as Dominicans will no longer be driven by hardcore partisan political beliefs, look at things objectively stop making false accusation with no evidence, thus becoming a more savvy electorate.

    • Paul Rossnof
      November 23, 2017

      What has Reggie Austrie to say about this?? The police should call him in fo interview because not all that long ago he and Skerrit stated that Dominica owes no money to Venesuela…

      • dee
        November 23, 2017

        I dow understaning allu ein . if allu fink ill-gotten goods or riches were funded from diverted Govt funds , then in effect the ill-gotten goods are the property of the state, and by extension its poor citizens . are these ill-gotten goods going to be confiscated one day, i ask ? all allu can do is have information , and make accusations but not be prepared to stand by allu assumptions .
        Is so i hear this morning a humble servant , one in high position , say he witnessed member of security forces looting refined sugar with his own eyes , and he even called upon him not so to do . Man allu,all of allu, have too much guts and no BALLS,i needed to ask him during question time, whether he had written a complaint ,a report ,a statement to the Police Chief .
        as he hasnt, if i was the looter,if he ever look at me too hard,i filing law suit against him that he tilted his head in my direction indicating i am the one he is talking about ; lets start sweetening things up.

  7. Troubled about Dominica's actual/potential problems
    November 22, 2017

    This act defies or goes beyond what is believable…

    So, Dominica’s sovereign debt for supplies of PetroCaribe to Venezuela since inception to 10th September 2017 exceeds US$100 million – my, (oh, my). Where has this monies filtered through in Dominican lives? Can anyone tell me what in value terms both “tangibly” and “intangibly” in Dominica reflects an activity measure to the value of US$100 million. It is sickening that after repeated requests by the Leader of the Opposition falling on death ears this is how we Dominicans are finding out about our Islands sovereign debt.

    What next I say, with this chunk being waivered… how much more does Dominica owe?????

    Lack of Transparency in this Labour Party led Government is the reason why its DARKNESS will always lead to FAILURE.

    • viewsexpressed
      November 22, 2017

      Good question. It appears that every budget year a Hurricane must hit us to get some of the truth out of this inept Skerrit. How it is that all of a sudden we are hearing that Cash stricken Venezuela has “writes off Dominica’s US$100-million PetroCaribe debt”.

      Who do we believe and just like the Bin Bobol, and the Fertilizer Bobo and the Red Clinic Bobol and the Cash sent by couriers to labour friends from the Supremo??.

      A serious financial investigation of our account of Dominica must be held and Skerrit and all minister are banned from travelling until we know who has, may have stolen our states money and are they or some of it is stuck somewhere in banks overseas. Dominicans please rise, rise up , let us rise up like Zimbabwe, if not we will continue to deteriorate like that of Haiti and Zimbabwe. Things re bad, this government is corrupt.
      Skerrit must Go….Dominincans Rise

    • Gary
      November 22, 2017

      This act does defy or goes beyond what is believable, it simply your ignorance and not understanding such matter.It is sad when you say quote “Where has this money filtered through in Dominican lives” wow. Before you accuse the Government of lack of transparency and why darkness will always lead to failure you need to get your facts and understanding else the darkness you speak about will cloud your mind.

  8. November 22, 2017

    Dominican Expats lefts no stones unturned in condemning the Venezuelan Gov’t during the reactionary demonstrations led by the opposition. Things are not that good presently in Venezuela , as we speak, the Country have forfeited on their foreign debt payment, but true to their SOCIALIST belief, they would rather help out their small neighboringIsland. Miseducated Dominicans, need to take note.

    • Dante Jones
      November 22, 2017

      Fool this nothing but political manuevering. How did we manage to rack up that amount of debt in such a short time. That means that little to no money was being paid in the first place which means this was most likely going to be a giveaway anyway. They just chose to do it at this time so that it’s justified by their people. You talking about reactionary protests try living in that country for a few years you’ll understand why people protesting.

  9. Michael
    November 22, 2017

    This is good news from the perspective of Dominica. However, I find it interesting. Venezuela is forgiving Dominica’s debt while it is asking Russia to postpone its (Venezuela’s) debt obligations to Russia.

  10. Shaka Zulu
    November 22, 2017

    Nobble gesture by Venezuela, but how could we owe the country all this money? What were the results of the 100 million spent. Was that the money used for political mismanagement? Our goal is to be self sustainable and debt free. Why are Dominicans not holding the gov accountable and responsible. 100 million tell two things. Dominica was not and could not pay its bills 2.) There was mismanagement and bleeding in petro carib.

    • Man bites Dogs
      November 22, 2017

      Shaka, Dominica don’t have gold, silver,zinc and most of all black gold oil to you and me, So how could a small third world country like Dominica be debt free, It’s time you people start thinking with your heads and not with your feet And that goes as well to the opposition party that goes on radio talking rubbish after rubbish every night.

      • Shaka Zulu
        November 22, 2017

        The problem is you and the rest of the block heads in gov focus on what we dont have. You seem to accept the fact you are a small third world country so you remain dumb poor and ignorant. Africa has tbe most minerals and resources in the world and has among the most poverty and ignorance. When people like you will realize the most important resourse we have is our people and thier gifts and talents then you will forever remain dependent, poor ignorant and the third world. Keep on begging.

    • Man bites Dogs
      November 22, 2017

      Shaka,I was only talking about debt free Dominica that you mentioned, You bloody idiot…. :lol:

    • Gary
      November 22, 2017

      You’re just another one displaying your ignorance regarding the PetroCaribe Pact, very sad. Here is something you need know, http://www.jamaicaobserver.com/business/Heavy-PetroCaribe-debt_18143208 https://www.kaieteurnewsonline.com/2015/0. Please, are there any claims of fraud by these Countries in not meeting their payments to Venezuela then why you and others are writing such nonsense about Dominica without knowing how the pact operates, so long for your nonsense.

      • Knowledge is power
        November 23, 2017

        While you think you are so smart. You are talking comrades of the Dominica Prime Minister.

  11. lasspalay
    November 22, 2017

    Great news. Muchas gracias Venezuela.

  12. November 22, 2017

    I just Hope they don’t run up the tab a second time around……just saying 8) 8)

  13. analy thomas
    November 22, 2017

    Thank you Venezuela, $ 100 million less to repay! It is coming people! our debts will be reduced and we will develop at a faster rate, however, if we forget God from this time on, everything will turn to dust and rubble! remember those words! God is a jealous God and will share his glory with none else!
    Turn to the living God people and wake up Christians of the laodicean spirit of comfort and get on your feet with the Philadelphian spirit of dedication and heart for Jesus Christ!
    All Glory and Honor and Praise to Jesus, our soon coming King!

  14. Iloveda
    November 22, 2017

    Wow, probably our biggest donation yet after Maria. How can we hate on governments in Venezuela and Cuba and they help us out so much

    • Anonymous
      November 22, 2017

      Fool, we did not have the money to repay them anyway so they are making a political gesture out of it. Where they money went I don’t know but is our own Dominica National Petroleum Company that is supposed to pay that but is our Minister of finance in charge of that company’s purse. Go and check Reggie and ask him to explain how he could build all these houses on a minister’s salary?

      • dee
        November 23, 2017

        So dem houses belong to de Dominican people
        I only akxing ein .

  15. grips
    November 22, 2017

    Thank you Maria….Oh Lord thank you…among all the bad there must be some good treat. Great.

    • Iloveda
      November 22, 2017

      Thank you Maria? We lost more than we received, lives were lost, people are are not living as comfortable as they use to, jobs has been lost.

      • 4Eva tru
        November 22, 2017

        Most jobs lost because of looting

      • November 23, 2017

        At list you can see how stupid ,self-centered and dumb some people can be after they become gullible and blind. Dominicans are more concerned about handout than production and good reliable progress.

  16. Ibo France
    November 22, 2017

    It’s very generous of the Venezuelan government to extricate Dominica from this colossal financial burden even though the Venezuelan economy is in shambles. Information about the Dominica’s indebtedness, sales of passports, the CBI and other important national issues are kept a tightly guarded secret. Why? Mr. Skerrit has certainly overstayed his time in office just like Mugabe. It’s a fact that when someone spends such a lengthy time at the pinnacle of power, he becomes corrupt, develop dictatorial tendencies and cares only about his party maintaining power. The welfare and wellbeing of the people becomes just a second thought. These are the PM’s “accomplishments” in his almost two decades long time at the helm of government: mammoth indebtedness, high unemployment, starvation wages, rising poverty, political hyper-partisanship, acute housing shortage, a depleted demoralized and highly politicized police force, and questionable accumulation of opulence by Ministers and minions.

    • Silver fox
      November 22, 2017

      @ Aberlour, You just don’t get it do you ?Prime minister Skerrit, have not over stayed his time we the voters wants Dr Skerrit, and his government to lead us and so it shall be done, Who dont like it tough Sh**t anyway we do not want your terrorist lots interference in our country go to h*ll.

      • viewsexpressed
        November 22, 2017

        For sure this political clown Skerrit is leading us to where we know not.

  17. Dominica
    November 22, 2017

    When you give in your time of need
    Doors will be open to you
    Thank

  18. Ortson Flynn
    November 22, 2017

    De nada Venezuela gracias.

  19. Looking
    November 22, 2017

    Excellent! I expect more debt forgiveness,

    • Anonymous
      November 22, 2017

      Excellent? You find it excellent that after fourteen years of being ruled by a supposed genius we still can not pay our bills? Motorists paid their bills, Domlec paid its bills. What happened to all that money? Is it true that our leading light bulb land his family live high on the hog in the U.S.A.?

      • Gary
        November 23, 2017

        Before you write such nonsense and asking such silly questions about what happened to all the money educate yourself about the PetroCaribe Pact.

      • dee
        November 23, 2017

        Gary
        Is the petrol and petrol products being sold in Dominica , to Dominicans?
        or is it being donated free to all users ?
        Haven’t the consumers been paying for their consumption or are they issuing i o u
        to the supplier. If it is the latter then it seems that we owe the suppliers who in turn owe Petro Caribe but, as i have been paying for my gas, in l’argent scheche, i dow owing Petro ; If what i have paid has not reached Petro then it has been diverted ; where to? remains baffling .

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