Grenada need not fear that falling world oil prices will result in the threat to the PetroCaribe programme.
The Venezuelan government has assured Grenada and other PetroCaribe member states that once it holds the reins of power, they will continue to benefit.
“The arrangements are of great importance to all of you the people of Grenada and a lot of concerns have been expressed,” said Minister for Economic Development Hon. Oliver Joseph.
“So on 6 March, last week Friday, the president of Venezuela called a meeting of all the member states of PetroCaribe… to give us the assurance that the programme will continue. The concern was that with falling oil prices that programme will be under threat”. Oil under the PetroCaribe deal constitutes only 5% of Venezuelan’s oil export .
“So it’s a very small percentage and therefore the programme will continue and that was reiterated by the president, so we have no need to fear in Grenada as long as the current government is in Venezuela,” said Joseph. Minister Joseph has also reported positive development regarding Grenada’s arrangement with ALBA. “We are very happy because in our budget a lot of the resources from social programmes come from PetroCaribe funds. We will continue to get funding from ALBA Bank”.