Venezuela’s Maduro Eyes Economic Boost in China Visit

2 years ago tajikistannewsgazette.com Comments Off on Venezuela’s Maduro Eyes Economic Boost in China Visit

Venezuelan President Nicolas Maduro was expected to arrive in Beijing on Thursday to strike deals with his crisis-hit country's biggest creditor.

Before departing Caracas, Maduro said the trip was "very necessary, very opportune and full of great expectations."

"We are leaving under better conditions, having activated a program of economic recovery, growth and prosperity. We are going to improve, broaden and deepen relations with this great world power," he said in a televised address on Wednesday.

Maduro will be in China for a state visit from Thursday to Sunday, according to the official Xinhua news agency.

China's foreign ministry said President Xi Jinping will treat Maduro to a welcoming ceremony and a banquet.

"China is confident that this visit will further enhance political mutual trust, deepen mutually beneficial and friendly cooperation between the two countries in various fields," ministry spokesman Geng Shuang told a regular press conference.

"Recently, the Venezuelan government has actively promoted economic and financial reform with a good social response. I think a stable Venezuelan development is in the interest of all parties," he added.

China has loaned some $50 billion to OPEC member Venezuela in the past decade, with Caracas repaying debt with oil shipments. The socialist-led Latin American country still owes $20 billion to Beijing.

Maduro may return home with a new $5 billion loan and a six-month extension to the grace period to service its debt, according to Venezuelan consultancy Ecoanalitica.

Vice President Delcy Rodriguez, who traveled to Beijing earlier this week, met with the president of China Development Bank.

Maduro's government has massively devalued the national currency as part of a raft of measures intended to halt the economy's free-fall into hyperinflation.

The International Monetary Fund projects Venezuela's inflation rate will reach 1,000,000 percent by the end of the year.

Hundreds of thousands of Venezuelans have fled the country, most of them into neighboring Latin American countries.

The trip to China is Maduro's first outside the country since he was allegedly targeted by exploding drones at a military parade in Caracas August 4. He last visited China in March 2017.

Venezuela's crude oil production fell in August to 1,448,000 barrels per day, a drop of 21,000 on the previous month, before according to figures released by the Organization of the Petroleum Exporting Countries (OPEC).

The figure represents the lowest level of crude produced in three decades, excluding a strike that lasted from December 2002 to February 2003.

The volume reported by the government remains the lowest of the last three decades, excluding the fall recorded by a strike of the sector between December 2002 and February 2003.

The government attributed the collapse to poor management of state oil giant PDVSA, which has been caught up in multiple cases of corruption, and to decreasing investments in infrastructure as a result of falling revenues.

It also blames sanctions by Washington that prevent the oil company from negotiating new debt in the United States.

Source: Voice of America

Related Posts

Tajikistan Receives Essential Protective Supplies to Prevent COVID-19 Outbreak

tngadmin 9 months ago
DUSHANBE,  A new batch of personal protective supplies has been purchased to prevent the emergence and spread of the coronavirus. These supplies will be distributed in 25 healthcare institutions.... Read More

Aid, migrants and “cargo-200”. Whom and what did “Tajik Air” bring from Russia

Web Desk 8 months ago
This was reported in the information department of the Ministry of Foreign Affairs of Tajikistan.   The Foreign Ministry reported that the same flight in Dushanbe brought help from... Read More

Tajik Security Council Secretary meets with CSTO Secretary General Nikolai Bordyuzha

tajikistannewsgazette.com 4 years ago

On September 28, 2016 the Tajik Security Council Secretary, Abdurahim Qahhorov, has met with Nikolai Bordyuzha, the Collective Security Treaty Organization (CSTO) Secretary-General, who arrived in Tajikistan for a... Read More

URGENT: Total COVID-19 Cases Exceeds 4,450

Web Desk 8 months ago
DUSHANBE,  There are 83 new COVID-19 cases today. The total number of infected individuals is now 4,453. The number of those who could not recover remains unchanged at fourty-eight... Read More

Venezuela’s Maduro Eyes Economic Boost in China Visit

2 years ago tajikistannewsgazette.com Comments Off on Venezuela’s Maduro Eyes Economic Boost in China Visit

Venezuelan President Nicolas Maduro was expected to arrive in Beijing on Thursday to strike deals with his crisis-hit country's biggest creditor.

Before departing Caracas, Maduro said the trip was "very necessary, very opportune and full of great expectations."

"We are leaving under better conditions, having activated a program of economic recovery, growth and prosperity. We are going to improve, broaden and deepen relations with this great world power," he said in a televised address on Wednesday.

Maduro will be in China for a state visit from Thursday to Sunday, according to the official Xinhua news agency.

China's foreign ministry said President Xi Jinping will treat Maduro to a welcoming ceremony and a banquet.

"China is confident that this visit will further enhance political mutual trust, deepen mutually beneficial and friendly cooperation between the two countries in various fields," ministry spokesman Geng Shuang told a regular press conference.

"Recently, the Venezuelan government has actively promoted economic and financial reform with a good social response. I think a stable Venezuelan development is in the interest of all parties," he added.

China has loaned some $50 billion to OPEC member Venezuela in the past decade, with Caracas repaying debt with oil shipments. The socialist-led Latin American country still owes $20 billion to Beijing.

Maduro may return home with a new $5 billion loan and a six-month extension to the grace period to service its debt, according to Venezuelan consultancy Ecoanalitica.

Vice President Delcy Rodriguez, who traveled to Beijing earlier this week, met with the president of China Development Bank.

Maduro's government has massively devalued the national currency as part of a raft of measures intended to halt the economy's free-fall into hyperinflation.

The International Monetary Fund projects Venezuela's inflation rate will reach 1,000,000 percent by the end of the year.

Hundreds of thousands of Venezuelans have fled the country, most of them into neighboring Latin American countries.

The trip to China is Maduro's first outside the country since he was allegedly targeted by exploding drones at a military parade in Caracas August 4. He last visited China in March 2017.

Venezuela's crude oil production fell in August to 1,448,000 barrels per day, a drop of 21,000 on the previous month, before according to figures released by the Organization of the Petroleum Exporting Countries (OPEC).

The figure represents the lowest level of crude produced in three decades, excluding a strike that lasted from December 2002 to February 2003.

The volume reported by the government remains the lowest of the last three decades, excluding the fall recorded by a strike of the sector between December 2002 and February 2003.

The government attributed the collapse to poor management of state oil giant PDVSA, which has been caught up in multiple cases of corruption, and to decreasing investments in infrastructure as a result of falling revenues.

It also blames sanctions by Washington that prevent the oil company from negotiating new debt in the United States.

Source: Voice of America

Related Posts

COVID-19: ‘Coronavirus-Free’ Turkmenistan Imposes Restrictions

Web Desk 8 months ago
The global death toll from the coronavirus is more than 315,000 with more than 4.7 million infections confirmed, causing mass disruptions as governments continue to try to slow the... Read More

Presentation of new project on improving drinking-water safety in rural Tajikistan

tajikistannewsgazette.com 4 years ago

The project Small and Safe: Scaling-up water safety planning, and effective water quality monitoring in rural in Tajikistan was presented today here in Dushanbe, NIAT Khovar correspondent reports.

The... Read More

Rospotrebnadzor Provides Tajik Health Ministry with Rapid Tests for Coronavirus

tajikistannewsgazette.com 12 months ago
DUSHANBE, 05.02.2020. (NIAT Khovar) The Federal Service for the Protection of Consumer Rights of Russia Rospotrebnadzor provided the Tajik Ministry of Health and Social Protection of the... Read More

A woman with a suspicion in the Tursunzoda city was arrested

tajikistannewsgazette.com 2 years ago
During police search operations, the 34-year-old resident of Tursunzoda was detained by the police on suspicion of fraud. For the purpose of sexual intercourse, citizens have acquainted with the... Read More