Venezuela's generosity saves Jamaica US$600m per year

[Don1]

PetroCaribe Positively Impacted Jamaica's Balance Of Payments - Hughes
Published: Wednesday | March 6, 2013 0 Comments

Late Venezuelan President Hugo Chávez predicted, during a visit to Jamaica eight years ago, that the PetroCaribe arrangement would save participating countries billions of dollars from crude oil purchases.

Following Chávez's passing yesterday, Dr Wesley Hughes, the newly appointed chief executive officer of the PetroCaribe Development Fund, acknowledged that Jamaica has benefited significantly from the arrangement.

"We are talking about hundreds of millions of dollars given on credit that has been used to provide balance of payments support," Hughes told The Gleaner.

"Without it we would have had serious challenges on the balance of payments front," he added.

During a Gleaner Editors' Forum last year, Hughes, who was the financial secretary at the time, estimated that a discontinuation of the PetroCaribe arrangement could result in a US$600 million-per-year impact on Jamaica's balance of payments.

Oil deal uncertain

When Chávez's health began to deteriorate, it caused jitters among Jamaican government officials who were uncertain about the future of the concessionary oil deal.

Approximately two-thirds of the crude oil imported by Jamaica comes from Venezuela.

Under the PetroCaribe agreement, which was launched in June 2005, Venezuela allows Jamaica and 17 other countries to purchase oil, requiring between five and 50 per cent of the cost upfront.

The remainder is paid over a period of between 17 and 25 years under a special financing arrangement that attracts interest at one per cent.

[Rockman]

Cho me fellow Yardman,mi caan wait fi finally hear what Yew did fi Jamaica,it HAS to make dat look like nothing.
De whole Latin America is going to be affected,third World nations despite language spoken will likely become orphans as a result of his death.The retired Yew is a mere symbol now, it is fair to assume his death will not have such far reaching effects.
RIP Chavez.

[Don1]

Understood

But how he's regarded turns mainly on one thing...money. We can disregard his colorful, bombastic rhetoric as mostly amusing....mi did laff til mi belly buss wen im seh inna di UN dat im smell sulfur inna di place afta Bush leave di stage ..wooiiee

The people he helped with Venezuela's resources will revere him...the poor Venezuelans and the poor countries of the region

Others will detest him...especially Babylon governments, Babylon media, local Venezuelan & international capitalists and other elites. For instance I have a friend who hates his guts...why?? He expropriated Chevron's assets in Venezuela where they were heavily invested...the stock tanked and she lost $80K when she felt she had to dump it. She did ah pray fi dis day come wen im dead

The people who lose will hate Chavez and those who gained from his policies will love him....ah suh di wirl turn

He went too far in prostituting Venezuela's economy to benefit many millions of poor people in Venezuela and around the region... but clearly he did a tremendous amount of good....His legacy is a mixed bag... a Manley on steroids

RIP fi real

[Willi]

It does not save jamaica a penny.

It merely inflates the standard of living of the SUV clique...

[Don1]

It does not save jamaica a penny.

It merely inflates the standard of living of the SUV clique...

Well of course the SUV/Latte clique has first dibs on JA resources...suh dem always noice

But especially given what happened in the world since 2008, if Jamaica had to pay cash on the barrel for oil...what financial position would we be in today?

The dollar would already be at 150-1 and our debt stock would have US$5 Billion added to it at 10%...the Petrocaribe rate is 1% ...peppercorn...plus there's a big repayment holiday. That thing is an indispensable lifesaver for a bruk pakit country

[Assasin]

What we are saying is the unnecessary imports killing us even though we think it is taking us to the first world?

So More car, More gals and more phone never worked out at all.

[Don1]

Well mi cyan duh widout di cyar an phone...dem ting deh ah trinket

More Gyal tuh di Wirl!!

[Willi]

Or we would be more self reliant and finally hit rock bottom and start dealing with our problem in an adult manner.

We would start collecting rain water off our roofs, drive more efficient cars, use more renewable energy, take education more seriously, eat more healthy local foods, have the port expansion ready in time, strike better deals with the Qataris and Chinese, have the mega-projects well underway by business the needless bureaucracy, be on the verge of producing energy from garbage, have pilot plant set up for rare earth mineral production, have bout 10 Wigton farms done and RioCbre would be a hydo-energy generator by now, have a small efficient Cabinet and civil service, be about 20% more productive by now, etc

[Don1]

Or we would be more self reliant and finally hit rock bottom and start dealing with our problem in an adult manner.

We would start collecting rain water off our roofs, drive more efficient cars, use more renewable energy, take education more seriously, eat more healthy local foods, have the port expansion ready in time, strike better deals with the Qataris and Chinese, have the mega-projects well underway by business the needless bureaucracy, be on the verge of producing energy from garbage, have pilot plant set up for rare earth mineral production, have bout 10 Wigton farms done and RioCbre would be a hydo-energy generator by now, have a small efficient Cabinet and civil service, be about 20% more productive by now, etc

Are we talking about Jamaicans here or Singaporeans?? A Bruce/Portia JLPNP Comedy Hour leadership combo or Lee Kwan Yew??

There's a slight difference yuhnuh

[Willi]

LoL

[Mosiah]

Wi import gyal now?

[Assasin]

We nah fi import it, only fi the go-go club. More gal mean more pickney, nufff without proper parents.

What it mean to you?

[Exile]

I know you are capable of serious contributions...when yu ready. Good post!

[Assasin]

Willi most of jamaica don't need to collect water off their roof. We have an ineffient water company. Most places don't have water shortage but they either don't have water in their pipes or not pipes at all but you are point on.

[Willi]

Tell yuh guvvament fren dem to start wuk. Time wasting and Jamaica in Peril.
We cant tek cheque and promissory note any longer.

Results or step and dat guh fi all ah dem. Game time over, 50 years of play time is snuff. We inna miggle age now and can longer act like pickney or teenager.