[NYTr] Venez Forgives Guyana's $12.5 Million Debt
 
Date: Wed, 3 Oct 2007 19:57:17 -0500 (CDT)

Via NY Transfer News Collective  *  All the News that Doesn't Fit
 
Caribbean Net News - Oct 3, 2007
http://www.caribbeannetnews.com/news-3804--13-13--.html

Venezuela to write off Guyana debt

GEORGETOWN, Guyana (GINA): Guyana will soon benefit from a US$12.5
million debt write-off by Venezuela after the agreement is finalised
later this week. This is one of the issues that was flagged for
resolution during a State visit by the President of Venezuela Hugo
Chavez in 2004. At that time, Chavez indicated his intention to cancel
100 percent of Guyana?s then outstanding debts to Venezuela.

Minister of Finance Dr Ashni Singh and the newly accredited Venezuelan
ambassador to Guyana Dario Morandy Guyana's Minister of Finance Dr
Ashni Singh on Monday received a courtesy call from Dario Morandy, the
newly accredited Ambassador of Venezuela to Guyana. The Minister
welcomed the Venezuelan envoy to Guyana and expressed satisfaction at
having the opportunity to discuss bilateral co-operation issues with
him.

A team of Guyana government officials is scheduled to meet with their
Venezuelan counterparts, in Caracas, on October 4 and 5, 2007 to
conclude a debt cancellation agreement, under which Guyana stands to
benefit from a 100 percent write-off of its outstanding debt of some
US$12.5 million. This amount represents the balance of a US$15 million
debt contracted in 1974 with the Venezuelan government.

Singh expressed gratitude to the Government and people of Venezuela for
providing the opportunity to bring closure to this outstanding debt
issue and informed the ambassador that as a result of this gesture,
Venezuela would become the fourth Non-Paris Club creditor to provide
Guyana with a 100 percent debt write-off ? the others being China,
India and Cuba.

Also discussed was the Venezuelan proposal to finance the construction
of a shelter for homeless persons. Morandy informed the Minister that
the Venezuelan authorities have already approved funds to construct
this building and further indicated that this issue would be concluded
when the representatives of the two governments meet in Caracas later
this week.
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