The deteriorating political developments in Venezuela is cause for concern. Jamaica benefits from discounts due to deferred payments and low interest on the deferred payments for 25 years.
President Chavez had entered into the San Jose’ Accord and the Petro-Caribe Agreement. On the death of Chavez there has been uncertainty as to whether or not this oil arrangement will hold.
Madura has no apparent regard for the democratic process in his country and this has led to demonstrations there and a suspension of the Parliament by the Judiciary. This decision has been rescinded but the demonstrations have not ceased
The OAS wants to intervene but this has not happened formally to date.
In the meantime, Jamaica has been paying more for oil upfront as production has dropped. Oil exports to Jamaica has dropped from about 9 billion barrels per year to about 500,000 thousand. We now have to find about 36+ billion this year 2017 to foot our oil bill.
Will this situation be resolved soon. In our perspective we need this situation is urgent for action. Jamaica needs to take a principled position in our best interest. What is your perspective?
Hopeton O’Connor-Dennie is SIC for GTA Weekly.
Jamaica like other small Caribbean Island states benefit from the San Jose’ Accord and later the Petrol Caribe Agreement with Venezuela, our then cash rich South American neighbour. Deferred payments for oil of about 30 percent down and the balance of the debt of one percent for up to 25 years … is the main feature of this arrangement offered to cash strapped entities to assist with their cash flow. The arrangement is like manna from heaven.
So for Jamaica to be seen as moving against Venezuela’s president Madura at this time is akin to biting the hand that feeds us. This is difficult for many to understand.
Principles are at stake. As a fledging Democratic state we (Jamaicans) cannot appear to be supporting an apparent rape of the Venezuelan constitution. We note the breakdown of the rule of law in Venezuela.
The apparent officicial attack on the Opposition is unacceptable. There have been street demonstrations and even deaths.
Madura should go as he appears to be an enemy of democracy or a despot. He seems to want to hold on to power at all costs. If true, this would be shameful to say the least.