Finance Minister Dr. Nigel Clarke sought to explain to the opposition that government still faces challenges with settling its PetroCaribe debt with Venezuela.

The issues are caused by the sanctions imposed on Venezuela, which resulted in financial institutions being wary of correspondent banking transactions with the South American country.

In response to questions from spokesman Phillip Paulwell, Dr. Clarke said government owes US $115 m to Venezuela.

Paulwell also wanted to know how and to whom the debt repayments were being made.

Dr. Clarke said the government continues to use the same procedure it always has, however, in recent times the funds sent to the banks were held and returned.

The Finance Minister said he cannot predict what will happen to future debt repayments.