And while the Right Honorable Musa is expected to prove his battle readiness when the budget goes for a debate next week, one subject he is sure to bring up is Petrocaribe. AT Friday's budget presentation, the Prime Minister disclosed how much had been spent under the programme and on what by tabling a Motion and a Supplementary. Since late 2012 up to February 2015, ALBA PetroCaribe Belize Ltd has imported US$238 million worth of fuel from Venezuela.
This money is under a 1.0 percent interest rate with a Repayment Term of 25 years including a two-year Grace Period. The Grace Period is still in effect, so government has not yet had to make any debt payments neither principal nor interest on these loans. But, starting this year, interest and repayment will begin to fall due. Government has allotted $4 million dollars for this in the budget.
So far, government has drawn down some $126 million dollars and $160 million dollars is left in a special account in the Central Bank.
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