Dominica Defends PetroCaribe, 10 Years Later

ROSEAU, Dominica CMC – On Monday, Dominica defended the oil alliance agreement it signed with Venezuela, a decade ago, allowing Roseau to purchase oil on condition of preferential payment.

PetroCaribe Minister, Reginald Austrie, speaking at a news conference, said, the PetroCaribe agreement, which also involved other Caribbean countries, had been able to survive the criticism from various quarters, including those from the international community.

“As you may recall, when the agreement was signed by our prime minister in 2005…there were very serious negative comments that were hurled at the program, not only locally, but regionally and internationally.

PetroCaribe Minister, Reginald Austrie

“You heard things like, it was an alliance against the United States of America, and that the Americans would be so upset with us that, our people would no longer be able to go to Barbados to get a US visa to travel.

“You also heard issues of the debt that would be incurred by Dominica, would not be unsustainable under PetroCaribe,” Austrie said, recalling that the International Monetary Fund (IMF) had a lot to say about PetroCaribe at the time.

“But today, the PetroCaribe (initiative) has gone right through the Caribbean (and) is being hailed as one of the most serious economic programs that have been done in the last 25 years in the Caribbean.”

Austrie said, it was a “bold move” by Prime Minister Roosevelt Skerrit to sign the agreement with the late Venezuelan leader, Hugo Chavez, a decade ago, saying, “If you look at the economic landscape, the infrastructural landscape, the social landscape of Dominica, you cannot miss PetroCaribe.”

He said, Caracas also made available millions of dollars to Dominica for its housing “revolution” adding, “I don’t have to tell you about the impact of the housing revolution on the people of Dominica.”

He said, Dominica had also benefitted from low interest loans, used for improving the environment.