US$141M doled out from PetroCaribe fund for GPL, others

Rice being prepared for export

By Jomo Paul

Prime Minister,  Moses Nagamootoo
Prime Minister, Moses Nagamootoo

[] – While there is still some confusion about where the monies from the now bankrupt PetroCaribe fund went, Prime Minister Moses Nagamootoo has revealed that more than US$100M of that money went towards a state-owned company.

Minister of State, Joseph Harmon had recently revealed that the APNU+AFC government met a blank PetroCaribe fund, which is supposed to be filled with cash, given Guyana’s lucrative rice for oil deal with neighbouring Venezuela.

The former administration – People’s Progressive Party/Civic (PPP/C) – has since responded stating that all the monies can be accounted for, indicating that some of the monies went to developmental projects.

However, on Tuesday June 16, at the Enmore Martyrs commemoration ceremony, the Prime Minister revealed the amounts that were given to state agencies over the years, including the Guyana Power and Light Incorporated and the Ministry of Housing.

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

“We had billions of dollars in the PetroCaribe fund and we were never told that the government that was in power just a few days ago transferred US$115M to the Guyana Power and Light…transferred US$10M to the Ministry of Housing under Irfaan Ali…all along we were told that money was coming from the treasury to build the Hope Canal and we were told that US$16M was transferred from the rice fund for the canal’s construction,” the Prime Minister shockingly revealed.

In total, just over US$141 million was doled out from the PetroCaribe fund.

Given the stark realities as revealed by Nagamootoo, the government is now trying its utmost best to find monies to pay rice farmers for paddy that was sold in the last crop.

“Not only did we bring the sugar industry down but we brought rice on the brink of danger, real danger,” said Nagamootoo.

On Tuesday, the Guyana Rice Producers Association (GRPA) noted the plight currently facing the industry because of indebtedness by the Guyana Rice Development Board (GRDB) to its contracted paddy and rice suppliers.

According to the GRPA, the payment of debts will go a long way towards alleviating severe financial hardships currently affecting the rice farmers.

“The RPA is calling on the Ministry of Finance and the APNU+AFC Coalition Government to immediately honour their obligation and make the payments long over-due in order to avoid dire consequences to this vital, national export industry,” the statement noted.



  1. This is the tragedy of massive their aimed at financial sabotage. Take all of the monies they had in the treasury and share it among their Ministers. This is the Nigerian model of raiding the treasury. This must be investigated and people should be jailed and their wealth taken away. Guyana cannot sustain this type of lawlessness. Example will have to be made of People, so that no one tries this again with the national wealth.

  2. Is it APNU/AFC that is responsible for this crisis that a demand is being made that they correct this disappearance of the monies post haste. What were these vocal folks doing while the farmers were not being reimbursed? Strange that only now everyone seems to find their voices and make demands. Not that APNU/AFC will not have to eventually clean up this inherited mess but to demand that they do something like yesterday is a bit much.


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