PPP defends empty PetroCaribe fund



Head of the Presidential Secretariat, Joseph Harmon
Head of the Presidential Secretariat, Joseph Harmon

[www.inewsguyana.com] – The People’s Progressive Party (PPP) has defended the current bankrupt state of the PetroCaribe fund stating that any monies in the fund accurately represent the amount of funds that should be in it.

Head of the Presidential Secretariat Joseph Harmon had painted a rather grim picture of Guyana’s PetroCaribe fund, revealing at a press conference on Thursday, June 11 that it is bankrupt and as a result government has to source approximately US$15M to pay rice farmers.

He blamed the bankruptcy on the previous administration [People’s Progressive Party Civic] for the “casual and callous manner” in which they handled the proceeds of the arrangement between Guyana and Venezuela.

However the PPP in a press statement on Friday June 12 said that “contrary to Mr Harmon’s misrepresentation absolutely no money whatsoever is missing from the PetroCaribe Fund, and even if the fund has limited balances in it that does not mean in any way that any money is missing from it.”

According to the PPP detailed records exist and can be made public on every single inflow into the Fund and every single outflow from the Fund.

The Party says that these details will account fully for the operations of the Fund and can withstand any degree of scrutiny.

File Photo: Workers loading paddy destined for Venezuela onto a vessel at Muneshwers' Wharf
File Photo: Workers loading paddy destined for Venezuela onto a vessel at Muneshwers’ Wharf

 “Put simply, moneys are deposited into the Fund when Guyana imports oil from Venezuela under the PetroCaribe arrangement. Those moneys are managed by the Bank of Guyana. The moneys are utilised for only two purposes. Firstly, to fund projects that are included in the national budget and submitted to Parliament for approval. Over the years these projects have included the new GPL power plants at Kingston and Vreed en Hoop and the Hope canal. Secondly, and more substantially, the funds are utilised to purchase rice and paddy for export to Venezuela under the Petrocaribe arrangement,” the statement noted.

It was noted too that at any time, the balance available in the Fund is the total of all inflows deposited into the Fund from oil imports, minus sums disbursed on projects, minus sums disbursed to Guyana Rice Development Board for rice and paddy purchases.


  1. APNU/AFC need to get all their ducks in a row before they start mouthing off…
    furthermore they campaign on “no more vat” only to realize that it is not possible so them change their tune to keep it where it’s at for this year… they are the one who are running a cake shop!

  2. APNU/AFC should be lucky they got a country that is in a pretty good place… and they didn’t get it from Burnham
    People quickly forgot how Burnham had his own helipad at his house on the ECD and how he whipped people when they went to work for a hamper just to get the country ban item that he had access to at his Estate in Hope.

  3. If that’s what the audits uncover then that’s what it is. If it turns up honest dealing then your comrades will be in the clear. You shouldn’t be growing grey hairs hoping though!

  4. Poopy Party simplifies mismanagement of Caribe.Theysound like they were running a cake shop, not a countries economy.

  5. The PPP must be Investigated by the New Government. & let them be held responsible for the Petro Caribe Funds.The PPP caused the RICE INDUSTRY to Be where it’s At by MISLEADING the RICE FARMERS & the Entire GUYANA. Why can’t GUYANA put the AUDITING SYSTEM in PLACE ,A,S,A,P.


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