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Venezuela doubles down on Chinese money to reverse crisis

Venezuela doubles down on Chinese money to reverse crisis | iNFOnews.ca
Venezuela's President Nicolas Maduro speaks during a press conference at the Miraflores Presidential Palace, in Caracas, Venezuela, Tuesday, Sept. 18, 2018. Venezuela and China have agreed to joint investments Maduro announced on Tuesday. (AP Photo/Ariana Cubillos)

CARACAS, Venezuela – Venezuela is leaning heavily on new investments from China, saying they will dramatically boost oil production and turn around the country’s crashing economy.

President Nicolas Maduro said in a Tuesday broadcast that China has agreed to invest $5 billion more following his recent trip to Beijing.

Venezuela is gripped by a historic crisis with shortages of food and medicine, driving masses abroad.

China in the last decade has given Venezuela loans, cash and investment totalling $65 billion.

Venezuela’s oil production today is a third of what it was two decades ago, and falling.

Miami-based Venezuela expert Russ Dallen says the influx of money appears to be investments China will control.

Dallen says China aims to boost oil production and recoup billions in debt.

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Abbey Westbury

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