PetroCaribe’s impact on Caribbean economies comes under IMF scrutiny

The International Monetary Fund (IMF) says it is monitoring the potential impact any changes to PetroCaribe, Venezuela’s oil alliance with several Caribbean islands will have on regional economies.

Analysts say the initiative, which allows countries to pay for part of their oil import from Caracas over a 20-year period at low interest rates, will have to be modified or discontinued amidst a worsening economic situation in the South American country.

Several Caribbean Community (CARICOM) countries including Antigua and Barbuda, The Bahamas, Jamaica, Belize, St. Kitts and Nevis, Grenada, St. Vincent and the Grenadines (SVG), Guyana, and Suriname are members of PetroCaribe.
Read more: Caribbean360