Speaking at the fifth PetroCaribe Ministerial Council Meeting of Energy Ministers and the sixth Summit of the Heads of State and Governments in Basseterre, St Kitts-Nevis, on the weekend, Golding pointed to the PetroCaribe initiative as a profound example of South-South Cooperation, especially in light of the exclusion of developing countries from G-20 deliberations.

The prime minister commended Venezuelan President Hugo Chávez for his vision in creating PetroCaribe, which has been of tremendous assistance to several Caribbean countries in coping with high oil prices and stabilising their economies. Golding acknowledged the generosity of Venezuela and its people, noting the sacrifice they have made by foregoing immediate revenue to facilitate the PetroCaribe Agreement.

In emphasising the need to ensure the sustainability of the existing agreement, Golding said this "should not be left to Venezuela alone. Each country must play its part to ensure that the programme does not become an unbearable burden on the Venezuelan people".

Golding urged signatories to the PetroCaribe Agreement to be mindful of their obligations to the Venezuelan government. He further urged them to ensure that the funds retained under the PetroCaribe accord were utilised to meet the stated development objectives.

"They should ensure the fiscal ability of their countries to make repayments when due, without creating additional burden for future budgets and future generations," Golding remarked.

wants more timely decision-making

The prime minister also called for an improvement in the administrative arrangements to allow for more timely decision-making and more proactive initiatives to deal with global challenges.

The summit was attended by approximately 20 heads of state/ministers from Latin America and the Caribbean. The Jamaican delegation included Minister of Energy and Mining James Robertson, as well as representatives from the Ministry of Energy and Mining, the Petroleum Corporation of Jamaica, the Planning Institute of Jamaica, and the PetroCaribe Development Fund.