Cash-strapped Venezuela gets $5bn in financing from China April 20, 2015 - 14:59 AMT PanARMENIAN.Net - Cash-strapped Venezuela has received $5 billion in financing from China, President Nicolas Maduro announced Sunday, April 19, as his country struggles with an economic crisis. "We just received $5 billion more in financing for development," Maduro said in a radio and television address. He did not provide further details on the loan from China, a major political and economic ally of Venezuela. Plummeting global oil prices have caused huge distress for Venezuela, a member of OPEC that relies heavily on its oil revenue to keep its lumbering command economy afloat. Inflation in 2014 reached 68.5 percent in the South American country and many basic goods are in short supply. China is Venezuela's largest investor and the second-largest purchaser of its oil. It has been a key ally of Venezuela since Maduro's predecessor Hugo Chavez came to power in 1999. In January, Maduro visited Beijing and said China had agreed to more than $20 billion in investments in Venezuela. Maduro did not say if the financing announced Sunday was part of that amount. Related links:   Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Latest news Erdogan wants “realistic road map” for relations with Armenia  Turkish President Recep Tayyip Erdogan has called for a “new realistic road map” for relations with Armenia.Armenia-Azerbaijan: Experts launch work on determining coordinates Expert groups from the countries started the process of determining the coordinates based on geodetic measurements.Yerevan says did not expect CSTO in peacekeeping role Pashinyan has declared that the CSTO would be expected to come to the Armenia-Azerbaijan border as an ally of ArmeniaHenrikh Mkhitaryan wins Serie A title with Inter Inter Milan midfielder Henrikh Mkhitaryan admits that the team have long been imagining clinching Serie A against AC Milan. |
