NewsWhore
03-06-2007, 05:30 PM
Diario Libre reports that the DR has fulfilled its part of the deal and is now ready to receive US$201.8 million in soft interest loans from Mexico, as part of the San Jose agreement. Treasury Minister Vicente Bengoa made the announcement but did not say when the country would receive the funds. Bengoa says that the delay is due to the fact that the country has is already at its ceiling for taking on debt. Bengoa also said he needs to speak to Foreign Minister Carlos Morales Troncoso and discuss the details of a conversation that President Leonel Fernandez had with Mexican President Felipe Calderon. Calderon and Fernandez met while both were attending the Rio Group summit in Guyana on the weekend. If the soft interest loans do materialize, this part of the agreement would have taken 27 years. Contrary to Venezuela, Mexico demands commercial banking conditions for the loans. The San Jose accord was signed on 3 August 1980 and is a regional fuel supply agreement for the purchase of oil at preferential market prices from Mexico and Venezuela. The two countries agreed to provide soft loans for development projects for 20-25% of the purchase price of the oil. So far, only Venezuela has honored this part of the deal.
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