Sun | Dec 11, 2016

Clearing the air on PetroCaribe

Published:Saturday | January 17, 2015 | 12:00 AM

THE EDITOR, Sir:

We write in reference to the article 'PetroCaribe granting millions in unsecured loans', published on Wednesday, January, 14, 2015. We wish to make two comments.

First, it must be clearly stated that the most recent report of the auditor general did not speak to the PetroCaribe Development Fund (PDF) being in breach of the Lending and Grant Policy of the Government. The report speaks to the PDF's lending policy, which was approved by our board and the Ministry of Finance.

Second, while we acknowledge your clarification regarding your error in stating that the reduction in commitment fees was US$43.75m, when it was actually reported in the auditor general's report to be US$3.75m, we do not believe that this correction was given equal prominence as the original article.

DIONNE-SHEREE SMITH

PR & Communications Officer

PetroCaribe Development Fund