Venezuela gives cap of nearly R $ 1 billion in Brazil and government assumes payment

Debt refers to a portion of loans from BNDES which matured in January.
20/03/2018 17h07 - Updated 20/03/2018 17h08
Photo: Spencer Platt/Getty Images

SAO PAULO – Venezuela failed to pay $ 901 million to Brazil for a portion of loans from BNDES (National Bank for Economic and Social Development) who won in January. The information is the UOL portal, which says that the bank triggered the FGE (Export Guarantee Fund) to refund the purchase.

Thereby, who is assuming the bill is the government itself until the government of Nicolas Maduro pay what should. That's because the FGE is a National Treasury fund linked to the Ministry of Finance, exactly suited to cover guarantees provided by the Federal Government export credit operations.

According to the news portal, Venezuela still must for BNDES equivalent to R $ 3,15 billion, R $ 2,36 billion only works by Brazilian contractors in the country, over 90% these companies involved in Operation Lava Jet.

Venezuela is going through a serious financial, with inflation over 2.500%, which has left the people with no purchasing power for basic health and hygiene products. Besides that, Maduro's government is facing severe international sanctions, which led to the creation of a state-backed cryptocurrency in the oil barrel.


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