Jamaica has announced it will pay back some of its oil debt to Venezuela in food, medicines and fertiliser as the country’s economic crisis continues. Venezuela is currently suffering from acute shortages of basic foodstuffs and supplies after the collapse in the price of oil exposed years of economic mismanagement by the government. In a statement to the state news agency , Jamaica Information Service, government minister Ruel Reid said: “This decision is taken primarily to give support in the form of medicine, food and fertiliser”. The agreement is possible due to a 2005 oil for cash deal between Venezuela and 12 Caribbean countries called the Petro-Caribe agreement – which guarantees the country will sell oil at preferential rates to Caribbean countries. Under the agreement, countries have the option of paying 50 per cent of the price at the […]