According to UN experts Ariel Henry spends $10 million a month to reimburse funds embezzled by his party, PHTK, from Petrocaribe fund

By Rezo Nodwes, Oct. 29, 2023

Petrocaribe funds have been embezzled, perpetuating poverty and social instability in Haiti, as highlighted by a UN expert report. The report highlights that in August 2023, the de facto Prime Minister, Ariel Henry, was still spending $10 million a month to repay the loan, while Haiti was barely seeing the benefits of the projects financed by these funds.

"The country found itself unable to solve its economic and social problems and, in August 2023, was still spending $10 million a month to repay the loan, when it was barely seeing the benefits of the projects themselves".

The worst misappropriations took place during Michel Martelly's presidential term, from 2011 to 2016, a period that coincided with Laurent Lamothe's tenure as Minister of Planning and External Cooperation, then Prime Minister from 2012 to 2014. Lamothe, as principal authorizing officer for the disbursement of funds, issued authorizations for a total of $668.8 million for 149 projects.

Official Haitian investigation reports concluded that of the total $1,738,691,909 allocated to projects, some 92% had been spent on the basis of dubious authorizations, and virtually no projects had been completed.

This situation underlines the challenges facing Haiti in terms of financial resource management and the fight against corruption. The burden of Petrocaribe debt repayments weighs heavily on the country, complicating its quest for economic, social and political stability.

 

Translated by CHIP editors

 

Posted Nov. 4, 2023