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LatinNews Regional Monitor: Andean Group - 17 July 2019

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In brief: IDB highlights Venezuela crisis

* The president of the Inter-American Development Bank (IDB), Luis Alberto Moreno, has declared that improving the situation in Venezuela is the most urgent issue in Latin America. “The country has fallen into an abysmal state”, Moreno said, speaking at the IDB’s 60th board of governors annual meeting in Guayaquil, Ecuador, noting that “although in the 1950s, Venezuela had the highest income per capita in all of Latin America, today 94% of the population lives below the poverty line”. Ecuador’s President Lenín Moreno pointed out that the crisis in Venezuela is not just a national issue, but a regional one as well, citing that 500,000 Venezuelan migrants now live in Ecuador, costing the country around US$500m every year.