This is critical to Venezuela because only a few days ago Venezuela and its state oil firm defaulted on billions worth of bonds. This is despite the country having the world’s largest proven oil reserves. The default was a sign of the country’s mismanagement by its socialist government.
A special Haitian Senate commission is accusing more than a dozen former government officials and heads of private firms of embezzling $2 billion in Venezuelan oil loans — money that could have helped the country rebuild after its devastating earthquake in 2010.
An anti-corruption investigation concluded that charges should be filed against two former prime ministers, several ex-ministers and the owners of private firms on grounds they misappropriated and embezzled money that left post-quake Haiti with unfinished government buildings, poorly constructed housing and overpriced public works contracts.
The nearly $2 billion that was paid out came from the country’s Venezuelan oil largess, known as PetroCaribe. It provides Haiti and several other cash-strapped Caribbean countries with subsidized oil on favorable financing terms. The debt is stretched over a 25-year period with a 1 percent interest rate and a two- to three-year grace period allowing the countries to use the savings to finance social and economic projects.
From CIW NEWS Contributor
Haiti (HT) is estimated to have a population of 11.1 million with a growth rate during 2010-2015 of 1.4% pa.
At the same rate of change, in five years' time its population will increase by 0.8 million.