Economy

Haiti defends oil program, seeks to repay Venezuela debt with food | Reuters


The Ministry of Finance official was responding to a World Bank envoy who expressed concern over a lack of transparency in Haiti\’s handling of public funds generated by cut-rate Venezuelan petroleum imports.

Mary Barton-Dock, the World Bank\’s Special Envoy to Haiti, told a press luncheon in the capital on Wednesday that a lack of transparency was the biggest obstacle to the country\’s economic development, citing Venezuela\’s Petrocaribe program, which allows beneficiaries to buy fuel from the South American oil exporter at favorable rates and easy payment plans.

Under Petrocaribe, Haiti pays only 40 percent of its oil bills in the short term, with the rest reimbursed over a 25-year period during which the government is free to spend the funds more or less as it pleases. via | Reuters

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