Jamaica PetroCaribe debt approaching J$164b

(Jamaica Gleaner) Jamaica’s total liabilities to Venezuela under the PetroCaribe Development Fund (PDF) has been increasing steadily since its creation in 2006 and is expected to reach J$164 billion at the end of this fiscal year, even in the midst of declining global oil prices.

While the PDF agrees that the lowering of oil prices is likely to reduce the levels of inflows to the fund, its administrators told Wednesday Business, growth in the Venezuelan oil debt, on which Jamaica pays interest of one per cent is in line with projections.

“It should be noted, however, that projections are based on the average price per barrel for the year. While there might be fluctuations in some months, this does not necessarily mean that the overall performance will depart from projections for the year,” said the PDF via email.

The fund’s secretariat resides at the Development Bank of Jamaica.

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