In the context of reports that Venezuela might be raising the cash payments and long-term interest rates for PetroCaribe members, opposition members of parliament have expressed concern about the consequences for Guyana.
Under the original terms of the PetroCaribe agreement, countries pay 40 per cent of the bill within the first 90 days and finance the rest at very low interest rates (1 per cent) over a period of 25 years. There is a clause which requires countries to pay more if the price of oil falls below US$80 per barrel.
However, reports state that Guatemala was offered by Venezuela an interest rate of
