CARACAS, Feb. 23 (Xinhua) — The government of Venezuela reported today the recovery of $500 million from oil shipments to Haiti under the Petrocaribe Energy Cooperation Agreement, a plan to supply hydrocarbons and derivatives to Central American and Caribbean countries.
“The Government of the Bolivarian Republic of Venezuela reports with satisfaction the completion of the process of recovery and recovery of a debt of the United States of America in the amount of 500 million dollars arising from the supply of hydrocarbons to Haiti under the Petrocaribe Energy Cooperation Agreement “, says a statement.
The Petrocaribe Energy Cooperation Agreement was an oil procurement program between Venezuela and several Caribbean countries established in 2005 and suspended in 2019.
Venezuela was able to recover the funds from Haiti after the U.S. approved a license to transfer the funds from a guarantor account through the international banking system.
The statement was published through the X account of the Minister of Communications and Information, Freddy Ñáñez.
The official statement said that the financial authorities considered the debt “irrecoverable” “given the complex economic situation and defaults that Haiti has been facing for several years.”
The above-mentioned international organizations, the document states, even requested debt relief due to the crisis that the Caribbean country was experiencing.
“Venezuela managed to recover the resources belonging to the Venezuelan people under an agreement that made it possible to collect the existing debts while helping to address Haiti's immense economic and social challenges,” Caracas said.
The Venezuelan government assures that the funds will be used to finance social programs.
With this action, the Venezuelan state takes “another step towards the acquisition of financial resources” to achieve the well-being of the people.