Venezuela and Haiti have reached an agreement to settle a long-standing oil debt under the Petrocaribe program 1. Haiti has paid $500 million to Venezuela, a fraction of the $2.3 billion debt owed 1. The Petrocaribe program, which offered oil to Caribbean countries at flexible prices and payment terms, was suspended in 2019 due to US sanctions on Venezuela's oil industry 1. The debt was considered uncollectible by international financial agencies due to Haiti's complex economic and payment situation 1. However, the payment of the debt provides relief for both countries. Venezuela celebrates the recovery of the resources, which will be used to finance social programs 1. The cancellation of the debt also helps Haiti's case with the International Monetary Fund for a possible loan package 1.
