Press Release: IMF Approves Stand-By Credit for Venezuela - 0 views
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Libba Farrar on 05 Oct 09Venezuela was just approved for a 1.4 billion dollar 12-month stand-by credit by the International Monetary Fund to support the nations 1996-97 economic program. This article gives background the economic stressors that Venezuela experienced in the late 1980s followed by a vigorous growth in the early 1990s in association with an increase of international oil prices during the Middle East War of 1990. As the oil prices fell, the economy significantly decreased in productivity and was further weakened in 1994 with a string of major banking crisis' involving the introduction of exchange and price controls. It analyzes the economic program of 1996-97 as well as addressing the social issues and structural reforms that resulted from this difficult economic period.