Russia to help Venezuela cope with their crisis
A group of officials from the Russian Ministry of Finance, the Ministry of Economic Development, the Russian Central Bank, the Federal Tax Service, and the Treasury, are visiting Venezuela at the invitation of the Venezuelan government, TASS news agency reports citing Andrei Lavrov, a spokesman for the Russian Finance Ministry. According to Lavrov, Caracas is anticipating an exchange of experience with the Russians in the field of economic reform.
According to Lavrov, those who came to Venezuela would initially take part in a meeting with an expert group responsible for developing measures in the area of economic management during a crisis situation. Among the participants of the meeting will be the Deputy Minister of Finance Sergei Storchak.
Venezuela in the past few months has experienced severe difficulties with the financial and economic crisis. In August, the government was forced to devaluate the national currency by 96% compared to the US dollar.
The Venezuelan President Nicolas Maduro blames the US for the crisis. Washington said that pressure was applied to Venezuela in order to “restore democracy” there. At the end of September, US Secretary of State Mike Pompeo stated that “the residents of Venezuela understand that the Bolivarian leader does not reflect the interests of the people in the politics of the country.”
According to the IMF forecast, inflation in Venezuela will reach 1 million percent this year. S&P predicts that the decline of the Venezuelan economy will stop at best in 2019.
In 2017, the country’s GDP fell by 14%, according to the IMF, and this year it is expected to decrease by 18%.