Speaking after a meeting with Russian President Vladimir Putin in Moscow, Maduro said that he had acquired the funding Venezuela needs to stay afloat amid decreasing oil prices. Maduro said:
We’ve found the necessary resource for the county to maintain its rhythm in terms of investments, imports and economic stability.
(…)
We’ve agreed to widen Russian investing and participation in the mixed enterprises of the Orinoco Oil Strip and in other places. We’ve decided to widen action investments in oil production.
Maduro only gave one concrete detail. He said that Russia would invest a billion dollars for the construction of 30 educational units. He did not give a time frame for the project.
Qatar Denies Maduro Claim
Maduro made a similar claim earlier this week when he said he had secured financing from Qatar – enough to keep the government afloat into 2016. Today, the Qatari government denied Maduro’s assertions, and said that they were merely beginning to study the possibility of investing in Venezuela.
According to Reuters, Qatar is merely “considering” funding Venezuelan projects, quoting industry and diplomatic sources. A Reuters source close to the Qatari government said:
There’s no money being allocated from Qatar yet. We are just in a study phase which can include building a refinery in Venezuela over two years.
The same article also quotes a Qatari energy industry source as saying:
Qatar like other Gulf states understands that some countries are suffering but there is nothing we can do about it, our production is very small in any case.
Maduro to Speak Before National Assembly on Tuesday
PSUV vice-president and National Assembly President Diosdado Cabello announced yesterday on his television show that Maduro is scheduled to speak before the National Assembly this coming Tuesday upon his return from his overseas trip.
Maduro is expected to give a summary of last year’s events, address Venezuela’s current problems and outline a plan for 2015.
FEDECAMARAS: 45 Days of Inventory Left
Jorge Roig, he president of FEDECAMARAS [Venezuelan Federation of Chambers of Commerce], estimated that there are approximately 45 days worth of basic necessities in stock in supermarkets and warehouses across the country. Roig explained:
The information that we have received is that there is enough stock to last 45 days, maximum. That’s not good news.
Roig said that the situation is exacerbated by “nervous shopping”, which occurs when people more than they need of a certain product out of a fear that the product will not be available in the future.
He also explained that the visible increase in the scarcity index in the first weeks of the year is partially a result of a long-standing trend: scarcity usually increases in January due to the December vacation period. Roig also argued that people bought more in December partially as a result of high inflation, as simply keeping money in the bank would only mean it would lose value.
Finally, Roig estimated that if the government were to push a magical button that fixed everything wrong with the Venezuelan economy today, it would take approximately three months for the scarcity situation to improve.
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