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Economy & Business - October 2020

ECONOMIC HIGHLIGHTS

VENEZUELA | Sanction solutions. On 29 September, speaking at a United Nations (UN) heads of government meeting on the Sustainable Development Goals (SDGs), Venezuela’s de facto president, Nicolás Maduro, called for the formation of a multilateral fund for financing public procurement in vulnerable countries, especially those affected by international economic sanctions. Maduro claimed that international economic sanctions “aggravate the conditions of poverty and further violate the right to development”. He argued that these sanctions should not be allowed to compromise countries’ capacities 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 the international sanctions, falling from US$56bn in 2014 to less than US$400m in 2019, principally through reduced oil export revenues.

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