IMF says cheaper oil has little effect on Dominican Republic: EFE

San Juan.- Guyana, Dominican Republic and Jamaica are the Petrocaribe countries to be least affected by declining oil prices, because their governments are financially prepared for an appropriate response, while the most affected are Haiti and Nicaragua, EFE reports.

International Monetary Fund (IMF) Western Hemisphere Dept. deputy director Adrienne Cheasty explained the impact that falling oil prices among Petrocaribe member countries.

She said Nicaragua and Haiti will be hit hardest because they don’t have large reserves or a robust domestic financial market. “Something similar happens with Belize.”

"The drop in oil prices is more complex for the members of Petrocaribe than for other oil importers," Cheasty said in a press conference in Barbados and webcast Wednesday.

She noted that even some experts have questioned whether the regional support for Petrocaribe should continue.

Oil’s current price of around US$50 per barrel, is half of what it was in June last year.

Venezuela created Petrocaribe in 2005 to supply fuel under soft conditions to 18 member countries, including Honduras, Guatemala, Cuba, Nicaragua, Dominican Republic, Haiti, Belize and a dozen Caribbean islands.