Skip to main content

Posts

Showing posts with the label China- Venezuela Relations

Maduro: China Gives $5 Billion Loan to Venezuela ( Source- The Diplomat /Author- Shannon Tiezzi)

The President Nicolas Maduro  ( Image source- Wikimedia Commons / Author- Cancilleria Del Ecuador) Source- The Diplomat Author- Shannon Tiezzi Venezuelan President Nicolas Maduro said on Sunday that China has provided a new loan of $5 billion to Venezuela. Maduro said the loan would be used to “finance development,” but did not provide details. Venezuela, already in a precarious economic situation, has been hit especially hard by the dramatic drop in oil prices that began last year. Data from Venezuela’s oil minister suggests that Venezuelan oil prices have fallen almost 50 percent since last year – from $97 a barrel in April 2014 to $50 a barrel today. Maduro visited China in January 2015, making no secret of the fact that he hoped to secure a fresh infusion of funding to shore up Venezuela’s struggling economy. Since 2007, China has provided over $50 billion in loans to Venezuela in so-called oil-for-loan deals. That means the loan is repaid in the form of oil a