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published: Friday | December 1, 2006 <DIV class=KonaBody Rjuf6="true">
Dr. Omar Davies, Minister of Finance and Planning speaks in Parliament in this May 10 file photo.
The Jamaican Government has already onlent more than 80 per cent of the US$174 million, which converts to J$9.1 billion of J$11.5 billion of receipts since February under the Venezuelan oil pact, PetroCaribe Agreement.
The oil funds represent <SPAN class=kLink style="FONT-WEIGHT: 400; COLOR: orange! important; BORDER-BOTTOM: orange 1px solid; FONT-FAMILY: Arial, Helvetica, sans-serif; POSITION: relative; BACKGROUND-COLOR: transparent">debt</SPAN> the country will eventually have to repay at a concessionary one per pent.
More than 40 per cent of the advances, which were made ahead of the establishment of the vehicle that would manage the <SPAN class=kLink style="FONT-WEIGHT: 400; COLOR: orange! important; BORDER-BOTTOM: orange 1px solid; FONT-FAMILY: Arial, Helvetica, sans-serif; POSITION: relative; BACKGROUND-COLOR: transparent">loans</SPAN>, the PetroCaribe Development Fund (PDF), were disbursed to loss-making government firms and not to "self-<SPAN class=kLink style="FONT-WEIGHT: 400; COLOR: orange! important; BORDER-BOTTOM: orange 1px solid; FONT-FAMILY: Arial, Helvetica, sans-serif; POSITION: relative; BACKGROUND-COLOR: transparent">financing</SPAN> public bodies for approved projects" as was outlined in ministry paper tabled by the <SPAN class=kLink style="FONT-WEIGHT: 400; COLOR: orange! important; FONT-FAMILY: Arial, Helvetica, sans-serif; POSITION: relative">finance</SPAN> ministry in Parliament on Tuesday.
The cabinet in its decision on June 19, 2006 gave the go ahead for the disbursements under an interim arrangement.
Air Jamaica received US$27 million (J$1.8 billion) Ñ US$2
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