Suriname has no access to Petrocaribe fund

The problems in Venezuela’s are also affecting Suriname. Suriname reportedly does not have to expect to tap into the Petrocaribe development fund of $200 million any time soon. The Petrocaribe fund is currently inaccessible. This will have consequences for the Agrarian Credit Fund (AKF) that would be replenished with SRD 326 million. Venezuela has reportedly tapped into the Petrocaribe fund to solve its own internal financial problems. “Petrocaribe currently is not available to us which is why the AKF can’t be ‘refilled’,” said the minister of Agriculture, Stockbreeding and Fisheries (LVV), Soeresh Algoe. The minister pointed out that the money does not belong to Suriname but that Venezuela is the owner of the fund and had made it available to development projects of other countries. The AKF would have received a substantial financial injection but those plans have been cancelled which means that the ministry must find other ways of keeping the AKF up-and-running. Several proposals have already been presented to Parliament.

In order to make up for the inconvenience, Venezuela has offered to accept rice shipments from Suriname. The first contract states that 19,243 metric tons of rice can be exported to Venezuela. Minister Algoe is anxiously waiting for the moment when a second contract can be inked so that a second shipment of rice can be send to Venezuela.