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Venezuela’s Maduro travels to China in search of fresh funds

Venezuelan leaders are visiting China as part of efforts to renegotiate existing investments and pursue additional funding for the country dealing with a collapsed currency and economy. Over ten years, China invested over $50 billion in the country through oil-for-loan deals that benefited China through oil supply and the creation of an anti-U.S. partner in Latin America. These programs ended, however, after oil prices and output faltered and the country sought a change in the terms. Since then, the collapse of the country’s economy has spiraled. Ongoing Chinese support, however, may help current President Maduro to remain in power. 

Source: Venezuela’s Maduro travels to China in search of fresh funds | Reuters

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