Gov’t removes veil on billions in PPP/C contracts
THE Guyana Government will this week make public a number of agreements and contracts which the previous PPP/C administration entered into, including the Petro Caribe initiative with Venezuela, disclosing for the first time the details involving the billion-dollar arrangements.
In addition to the 2014 Mid-Year Report for the nation, slated to be presented to the House on Thursday by Finance Minister Winston Jordan, the Government will also make public the “Compensation Agreement under the Framework of the PETROCARIBE Energy Cooperation Agreement.”
That agreement, dated March 13, 2014, between PDVSA PetrÓleo, S.A. (PDVSA) and the Co-operative Republic of Guyana is for the cancellation of the oil debt in compensation for the white rice and paddy shipments under the Guyana/Venezuela Rice Trade Agreements in the amount of US$55.5M.
The Coalition government will also make public a loan agreement between the Caribbean Development Bank (CDB) and the Co-operative Republic of Guyana for US$25M for the Sea and River Defence Resilience Project.
According to the Order Paper for the sitting of the House on Thursday, Government, ahead of any debates, will also make public a Financial Agreement between the Co-operative Republic of Guyana and the International Development Association and another for SDR6.5M for the Secondary Education Improvement Project.
Also to be made public is the Financing Agreement between Guyana and the International Development Association for SDR7.7M for the Flood Risk Management Project.
Finance Minister Jordan is also expected to lay over in the House, two loan contracts, dated October 10, 2014, between Guyana and the Inter-American Development Bank for US$16.8M for the Water Supply and Sanitation Infrastructure Improvement Programme.
Another loan contract to be made public by Government is between the Co-operative Republic of Guyana and the Inter-American Development Bank for US$37,6M for the Power Utility Upgrade Programme.
Also to be made public in the House this week is the Debt Relief Agreement (E-HIPC Debt Initiative), dated March 14, 2014, among the Government of the Co-operative Republic of Guyana, the Bank of Guyana, the Board of Directors of the Caricom Multilateral Clearing Facility (CMCF) and the Central Bank of Trinidad and Tobago (as agent) to write-off 100 percent of Guyana’s total outstanding debt to creditor participants in the amount of US$36M.
Minister Jordan is also expected to make public another Compensation Agreement under the Framework of the PETROCARIBE Energy Cooperation Agreement dated September 12, 2014 between PDVSA Petroleo, S.A. (PDVSA) and the Co-operative Republic of Guyana.
And this is for the cancellation of the oil debt in compensation for the white rice and paddy shipments under the Guyana/Venezuela Rice Trade Agreements in the amount of US$69M.