Co-chairman of the Economic Programme Oversight Committee, EPOC, Richard Byles, is withdrawing his call for the private sector to match the USD$500-million sitting in the Petrocaribe Development Fund.

Mr. Byles made the suggestion recently saying that the combined fund could be used for job creation and economic growth.

But he says the government has since used the money to pay down on the country’s debt.

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Members of the private sector have rejected the suggestion made by Mr. Byles.

Economist, Dr. Damien King, has said that the USD$1-billion would not be enough to grow the economy.

But Mr. Byles says he was not given the chance to explain how his idea would work.

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He says he was not proposing a free for all fund.

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