191757Z NOV 17


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.

Miami Herald:

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 crime

See all news classified as Haiti crime.

See all news on Port-au-Prince and on Haiti.

Port-au-Prince - capital of Haiti - is in the middle of the map below.

29.9° N
94.8° W
49.8° W
7.4° N


Port-au-Prince, Haiti

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.