SVG has been offered 100% relief on the remaining debt to Petro Caribe

A one hundred percent relief on the remaining debt to Petro Caribe has been offered to St. Vincent and the Grenadines from the Government of Venezuela.

This was announced by Prime Minister Dr. Ralph Gonsalves during a ceremony at the Argyle International Airport yesterday, to welcome the inaugural flight of Conviasa Airline from Venezuela.

He said this decision was made following discussions with several officials in Venezuela

Prime Minister Gonsalves said Petro Caribe participating countries will also benefit from a discount in fuel prices.

Petro Caribe is an oil alliance involving eighteen Caribbean Member States.  The alliance was established in June 2005 with Venezuela offering oil supplies based on a concessionary financial agreement.