20001
$500m Credit Deal With Venezuela
Economy, Business And Markets

$500m Credit Deal With Venezuela

Venezuela has signed an agreement with Iran for a $500 million credit line to fund joint investments and help improve supplies of goods “necessary for the Venezuelan people,” President Nicolas Maduro said on Friday.
Declining oil prices have crimped Venezuela’s cash-flow and aggravated shortages of consumer goods ranging from dish soap to milk, leaving Maduro’s government seeking financing from allies around the world, Reuters reported on Saturday.
“We’ve signed (an agreement for) an open credit for $500 million that will begin to function immediately,” Maduro said during a televised address following a meeting with an Iranian delegation.
Mohammad Reza Nematzadeh, Iran’s minister of industries, mining and trade, said through a translator during a broadcast on state television that the agreement was preliminary and would be sent to Iran’s Economy Ministry for review.
Venezuela’s Information Ministry, which handles media requests on behalf of the Finance Ministry, did not immediately respond to an email seeking clarification on when the agreement would take effect.
The two OPEC countries have been allies since the era of late socialist leader Hugo Chavez, who was a vocal critic of US sanctions against Iran and of its foreign policy toward Latin America.
Maduro says Venezuela is facing a Washington-backed “economic war” that he calls the cause of the country’s soaring inflation and scarcity of consumer goods.
His adversaries say the problems are caused by a corruption-riddled currency control system, rigid price controls and a wave of nationalizations of private businesses.

Short URL : http://goo.gl/2DCuQR

You can also read ...

Support for  Forex Measures
The head of Competition Council welcomed efforts made by the...
Uber in Talks to Buy Food-Delivery Company
Uber Technologies Inc. is in early talks to buy food-delivery...
The looming crisis in the emerging markets, set off by the run on the Turkish lira, has had a more direct impact on the Iranian rial than anything the US has claimed.
Since the beginning of the fiscal 2018-19, the Iranian rial...
CBI: Currency Inflow Growing Steadily
Governor of the Central Bank of Iran said on Saturday that...
UK Firm: Progress Made With Iran Airport Contract
UK-based security solutions supplier Westminster Group said it...
Yu Chang Hwang (L) and Mohammad Reza Bakhtiari
South Korea’s new ambassador to Iran, Yu Chang Hwang, said...
Without Waivers, US Sanctions on Iran Will Cripple Iraq
Iraqi officials, struggling to form a new government months...
Watermelon Exports  Exceed $100m
Iran exported 569,974 tons of watermelon worth $106.42 million...

Trending

Googleplus