Venezuela receives USD5b funding from China
(MENAFN) Cash-strapped Venezuela received USD5 billion in financing from China, as the South-American country struggles with an economic crisis, The Peninsula Qatar reported.
Plummeting global oil prices have caused huge distress for Venezuela, a member of OPEC that relies heavily on its oil revenue to keep its lumbering command economy afloat.
Inflation in 2014 reached 68.5 percent in the South American country and many basic goods are in short supply. "We just received USD5 billion more in financing for development," President said.
China is Venezuela's largest investor and the second-largest purchaser of its oil. It has been a key ally of Venezuela since the current president came to power in 1999.
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