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LatinNews Daily - 30 September 2020

In brief: Venezuela seeks sanction solutions

* Speaking at a United Nations (UN) heads of government meeting on the Sustainable Development Goals (SDGs), Venezuela’s de facto, Nicolás Maduro, has called for the formation of a multilateral fund for financing public procurement in vulnerable countries, especially those affected by international economic sanctions, which he claimed “aggravate the conditions of poverty and further violate the right to development”. He argued that these sanctions should not be allowed to compromise countries’ capacity to respond to the coronavirus (Covid-19) pandemic and other humanitarian crises, and proposed this mechanism as a solution. Maduro later told Venezuela’s national constituent assembly (ANC) that the country’s foreign trade revenue has collapsed in recent years as a result of these sanctions, falling from US$56bn in 2014 to less than US$400m in 2019, principally through reduced oil export revenues. These figures were revealed as Maduro presented an ‘anti-blockade law’ to the ANC, intended to counteract internatonal economic sanctions, although it is not clear how he intends to achieve this. Last week, the government launched efforts to renegotiate its vast debts to bondholders, which have gone unpaid since 2017.

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