World Economy

Venezuela Seeking $5b Loan

Venezuela Seeking $5b LoanVenezuela Seeking $5b Loan

Venezuela is in advanced talks for a $5 billion loan from international banks and investment funds, the head of the central bank said, potentially providing an influx of cash for the OPEC member country, which faces heavy debt payments this year, Reuters reported. The operation would provide $3 billion in liquidity for the government and $2 billion to finance a gold mining joint venture with Canada’s Gold Reserve, Nelson Merentes said. Venezuela’s international reserves fell to a 17-year low of on Friday after the government paid in full its $1.5 billion Global 2016 bond, according to central bank data.