Venezuela to write off Guyana debt

On October 3 Caribbean Net News reported that the South American nation Guyana, which borders Venezuela to its west, will soon benefit from a US$12.5 million debt write-off by Venezuela under an agreement expected to be finalised in the near future.

The article reported that the issue was first raised by Venezuela's President Hugo Chavez during an official visit in 2004, when Chavez said Venezuela would be willing to cancel all of the much smaller nation's outstanding debt to Venezuela.

The Venezuelan government has also approved funds to help finance a shelter for homeless people in Guyana, according to Caribbean Net News.