President Jadgeo confirms Guyana owes Venezuela money under Petrocaribe scheme
7th July, 2010

Guyana's President Bharrat Jagdeo has confirmed that Guyana owes Venezuela more than 160 million dollars for oil received under the advantageous Petrocaribe scheme.

Jagdeo held a press conference earlier this week commenting on his recent visit to Venezuela.

Jagdeo argued that in no way would his country be compromised by increasing debt because the oil money is being accumulated and the government has used very little of the fund.

One of the problems, the President declared, is that some Caribbean countries used the money as soon as it was available because of the economic and financial crisis, but Guyana is in a good position to finance a lot of initiatives.

The President ratified that his country is thinking of joining the Bolivarian Alliance for the Americas but for the time being will become an observer.