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Nobody can deny that Petrocaribe offer extremely favorable conditions for Dominican Republic . The importance of this agreement in force at a time when oil prices internationally reach historically high levels.
Undoubtedly , Petrocaribe has reduced the average cost of external debt and has eased foreign exchange flows , contributing significantly to exchange rate stability.
The process has been negotiated payment for goods and services by market value instead of using a currency like the U.S. dollar . This means that even if we could pay using black beans, the beans are accepted in market value. In addition , there is a mechanism by which the government of Venezuela may have access to certain services on the Dominican economy , such as tourism.
The Dominican Republic will not require foreign currency to pay the debt and business at the same time. In addition, the Dominican government is financing the agribusiness sector funds necessary for the harvest of agricultural products to be used as payment to the Venezuelan government. The purpose of these funds is to ensure that crops are on time .
At the end everyone wins. The Dominican government may cover the country's oil needs paying for goods and services instead of specific currencies and the Venezuelan government will do the same. Meanwhile, Dominicans have a segment of agribusiness production pre - sold and entrepreneurs in the tourism sector will have discounts on their tax obligations.