Venezuela and Haiti have reached an agreement to settle a long-standing oil debt under the Petrocaribe program [09ada847]. Haiti has paid $500 million to Venezuela, a fraction of the $2.3 billion debt owed [09ada847]. 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 [09ada847]. The debt was considered uncollectible by international financial agencies due to Haiti's complex economic and payment situation [09ada847]. 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 [09ada847]. The cancellation of the debt also helps Haiti's case with the International Monetary Fund for a possible loan package [09ada847].