LatinNews Daily - 24 September 2020

In brief: Credit blockade sees Venezuela’s deficit shrink

* The Universidad Católica Andrés Bello (Ucab) in Caracas, a private university, has released a report showing that Venezuela’s annual budget deficit is set to shrink to 7.9% of GDP in 2020, compared to 11% the previous year. Ucab professor, Francisco Rodríguez, noted that this would make Venezuela the only country in the hemisphere to reduce its fiscal deficit this year, which he attributed to the fact that “to have a high deficit you must have a way to finance it, and no-one is lending money to Venezuela”. The country’s government has not published a full budget since 2015, and is increasingly struggling to access international credit, having defaulted on debt repayments in 2017, and been denied access to international markets by US economic sanctions.

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