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Venezuela withdraws USD460m loan as its economy suffers
(MENAFN) Venezuela, the South American economically agonizing nation withdrew USD460 million from the International Monetary Fund last month, as data showed.
Additionally, the massive loan comes as the country's reserves witness a severe plunge, plus this withdraw is the third for Venezuela this year, reflecting how bad things look.
Venezuela relies almost solely on oil exports and has taken a big hit from a fall in crude prices, plus its currency reserves have fallen 25 percent to USD15.4 billion in 2014.
Furthermore, the overwhelming decline in oil prices is the latest headache for Venezuela, and worsens an economy hit by recession, shortages of basic goods and high inflation.
Additionally, the massive loan comes as the country's reserves witness a severe plunge, plus this withdraw is the third for Venezuela this year, reflecting how bad things look.
Venezuela relies almost solely on oil exports and has taken a big hit from a fall in crude prices, plus its currency reserves have fallen 25 percent to USD15.4 billion in 2014.
Furthermore, the overwhelming decline in oil prices is the latest headache for Venezuela, and worsens an economy hit by recession, shortages of basic goods and high inflation.
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