PetroCaribe fund to be used for development
Arthur Hall, Senior Staff Reporter
The Government has decided to transform the way in which the multi-billion dollar PetroCaribe Development Fund is disbursed.
Finance Minister Audley Shaw told Parliament today that the Venezuela-backed PetroCaribe Fund will now be used to push development projects and assist entities, which are critical to the country's growth.
Audley Shaw presents on 2011/2012 Estimates of Expenditure: Budget debate opens
Jamaicans get tax relief: No new taxes this year
More tax requirements and a hotline to report evaders: Whistle blowing tax hotline
Heavily indebted, but hopeful : Finance minister celebrates milestones
Implemented approximately five years ago, the PetroCaribe Fund manages the proceeds of a Venezuelan oil facility where Jamaica is allowed to treat the sale of oil from that country as loan proceeds.
Opening the 2011-2012 Budget debate yesterday Shaw announced that at the end of March a total of US$1.5 billion or approximately J$920 billion had accrued to Jamaica under this agreement.
Students get a break: Students to benefit from interest rate cuts
Finance Minister treads carefully: Shaw cautious about projected growth
Needing more time from the IMF: Jamaica to seek extension from IMF
The PetroCaribe fund will play a role in financing a “sustainable long term model at the Student Loan Bureau” and the Community Renewal Programme.