Wilson Laleau: I warned back in January 2015 that the PetroCaribe fund was about to Collapse

September 6, 2018 1:45 PM

One week after he was installed as the minister of Econmy and Finance, Wilson Laleau said on Tele Metropole that the PetroCaribe fund was about to collapse because there is no more money in it.

Wilson Laleau - Former Haiti Minister of Finance

It was back in January 27 2015. "I said we have to find alternative ways to finance the budget of the republic," Laleau said, because since after the January 2010 Haiti earthquake there was a major change in the way the budget is calculated."

"After the earthquake, nearly 1.6 billion dollars entered the Haitian economy via all sorts of international aids and because of that, a large amount of money was circulating in the country. Add to that PetroCaribe averaging HTG 20 billion gourdes in spending, this inflated the budget, it made it bigger."

"When that money suddenly ceased to exist, all the projects that were launched with the possibilities that these resources allowed, and that were never completed, started to create problems."

This is one of the principal problems of PetroCaribe. There were just too many projects launched with PetroCaribe, nearly 385 "little" projects and these were projects that one had to approve due the the political organization of the country.

That means... Deputes and Senators, for them to get visibility in the department of commune where they are from, They hope that some form of little project is done in their area.

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