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World Bank ready to help Venezuela if asked - Latam chief
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jat
2017-04-19 01:46:11 UTC
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World Bank ready to help Venezuela if asked - Latam chief

By David Lawder WASHINGTON (Reuters) – The World Bank Group stands ready
to assist Venezuela, a member and shareholder of the institution, if the
government asks for help in dealing with a punishing economic crisis,
the bank’s top executive for Latin America said. Jorge Familiar, World
Bank vice president for Latin America and the Caribbean, told Reuters in
an interview late on Monday that the bank has had no engagement with
Venezuela since it paid off past loans in 2008 under the late former
President Hugo Chavez. But Familiar said the bank’s officials have been
intensely watching growing shortages of food and medicine this year as
the oil exporting country sinks deeper into recession, sparking violent
protests. Familiar said that the multilateral lender would be ready to
develop a loan program for Venezuela, but it would need to be “invited”
to do so by President Nicolas Maduro’s government. “As with all
shareholders of the institution, if the situation were to arise, we
would be ready to engage with Venezuela,” Familiar said. “What we would
need is for them to call us.” While the International Monetary Fund
normally plays the role of crisis lender to governments with borrowing
or balance-of-payments problems, the World Bank has assisted some
commodity-exporting countries, including Peru, suffering from lower
revenues amid reduced commodity prices. Last year, the World Bank
approved $2.5 billion in new credit lines for Peru to backstop its
financial plans. The credit lines carry reform requirements under World
Bank programs to support improvements in public expenditure management,
public education and to streamline the formation of new private
companies. Familiar said Peru was meeting benchmarks for that program.
Venezuela was the outlier on Tuesday when the World Bank released its
latest economic forecasts for Latin America and the Caribbean,
predicting that regional growth would turn positive, to 1.5 percent in
2017 as recessions end in Brazil and Argentina, after a regional decline
of about 1 percent in 2016. The World Bank forecast that Venezuela’s
growth would fall by 3.1 percent in 2017 after a spectacular 12 percent
drop in 2016. It forecast that Venezuela would start to recover by 2018,
with 0.6 percent growth amid firmer oil prices, but lag far behind
regional growth of about 2.5 percent for 2018.
(Reporting by David Lawder; Editing by Dan Grebler)


http://www.euronews.com/2017/04/18/world-bank-ready-to-help-venezuela-if-asked-latam-chief
--
/jat
Knowledge will set you free
El conocimiento te hará libre
PL
2017-04-19 11:29:07 UTC
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Maduro won't accept the conditions imposed. He wants to keep financing
left wing authoritarian systems and dictatorships (Ecuador, Bolivia,
Nicaragua, Cuba, ..). That would have to end.
Ending that would immediately contribute billions to the Venezuelan
budget and would alleviate the suffering of the Venezuelan people.
Post by jat
World Bank ready to help Venezuela if asked - Latam chief
By David Lawder WASHINGTON (Reuters) – The World Bank Group stands ready
to assist Venezuela, a member and shareholder of the institution, if the
government asks for help in dealing with a punishing economic crisis,
the bank’s top executive for Latin America said. Jorge Familiar, World
Bank vice president for Latin America and the Caribbean, told Reuters in
an interview late on Monday that the bank has had no engagement with
Venezuela since it paid off past loans in 2008 under the late former
President Hugo Chavez. But Familiar said the bank’s officials have been
intensely watching growing shortages of food and medicine this year as
the oil exporting country sinks deeper into recession, sparking violent
protests. Familiar said that the multilateral lender would be ready to
develop a loan program for Venezuela, but it would need to be “invited”
to do so by President Nicolas Maduro’s government. “As with all
shareholders of the institution, if the situation were to arise, we
would be ready to engage with Venezuela,” Familiar said. “What we would
need is for them to call us.” While the International Monetary Fund
normally plays the role of crisis lender to governments with borrowing
or balance-of-payments problems, the World Bank has assisted some
commodity-exporting countries, including Peru, suffering from lower
revenues amid reduced commodity prices. Last year, the World Bank
approved $2.5 billion in new credit lines for Peru to backstop its
financial plans. The credit lines carry reform requirements under World
Bank programs to support improvements in public expenditure management,
public education and to streamline the formation of new private
companies. Familiar said Peru was meeting benchmarks for that program.
Venezuela was the outlier on Tuesday when the World Bank released its
latest economic forecasts for Latin America and the Caribbean,
predicting that regional growth would turn positive, to 1.5 percent in
2017 as recessions end in Brazil and Argentina, after a regional decline
of about 1 percent in 2016. The World Bank forecast that Venezuela’s
growth would fall by 3.1 percent in 2017 after a spectacular 12 percent
drop in 2016. It forecast that Venezuela would start to recover by 2018,
with 0.6 percent growth amid firmer oil prices, but lag far behind
regional growth of about 2.5 percent for 2018.
(Reporting by David Lawder; Editing by Dan Grebler)
http://www.euronews.com/2017/04/18/world-bank-ready-to-help-venezuela-if-asked-latam-chief
jat
2017-04-20 00:14:19 UTC
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So, let's see what happens then. You never know...

/jat
Knowledge will set you free
El conocimiento te hará libre
Post by PL
Maduro won't accept the conditions imposed. He wants to keep financing
left wing authoritarian systems and dictatorships (Ecuador, Bolivia,
Nicaragua, Cuba, ..). That would have to end.
Ending that would immediately contribute billions to the Venezuelan
budget and would alleviate the suffering of the Venezuelan people.
Post by jat
World Bank ready to help Venezuela if asked - Latam chief
By David Lawder WASHINGTON (Reuters) – The World Bank Group stands
ready to assist Venezuela, a member and shareholder of the
institution, if the government asks for help in dealing with a
punishing economic crisis, the bank’s top executive for Latin America
said. Jorge Familiar, World Bank vice president for Latin America and
the Caribbean, told Reuters in an interview late on Monday that the
bank has had no engagement with Venezuela since it paid off past loans
in 2008 under the late former President Hugo Chavez. But Familiar said
the bank’s officials have been intensely watching growing shortages of
food and medicine this year as the oil exporting country sinks deeper
into recession, sparking violent protests. Familiar said that the
multilateral lender would be ready to develop a loan program for
Venezuela, but it would need to be “invited” to do so by President
Nicolas Maduro’s government. “As with all shareholders of the
institution, if the situation were to arise, we would be ready to
engage with Venezuela,” Familiar said. “What we would need is for them
to call us.” While the International Monetary Fund normally plays the
role of crisis lender to governments with borrowing or
balance-of-payments problems, the World Bank has assisted some
commodity-exporting countries, including Peru, suffering from lower
revenues amid reduced commodity prices. Last year, the World Bank
approved $2.5 billion in new credit lines for Peru to backstop its
financial plans. The credit lines carry reform requirements under
World Bank programs to support improvements in public expenditure
management, public education and to streamline the formation of new
private companies. Familiar said Peru was meeting benchmarks for that
program. Venezuela was the outlier on Tuesday when the World Bank
released its latest economic forecasts for Latin America and the
Caribbean, predicting that regional growth would turn positive, to 1.5
percent in 2017 as recessions end in Brazil and Argentina, after a
regional decline of about 1 percent in 2016. The World Bank forecast
that Venezuela’s growth would fall by 3.1 percent in 2017 after a
spectacular 12 percent drop in 2016. It forecast that Venezuela would
start to recover by 2018, with 0.6 percent growth amid firmer oil
prices, but lag far behind regional growth of about 2.5 percent for 2018.
(Reporting by David Lawder; Editing by Dan Grebler)
http://www.euronews.com/2017/04/18/world-bank-ready-to-help-venezuela-if-asked-latam-chief
PL
2017-04-20 13:54:10 UTC
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Post by jat
So, let's see what happens then. You never know...
The Chavez disaster was very predictable. That all economists knew: it
was based on the "oil price quicksand". That never works in the long run.
Post by jat
Post by PL
Maduro won't accept the conditions imposed. He wants to keep financing
left wing authoritarian systems and dictatorships (Ecuador, Bolivia,
Nicaragua, Cuba, ..). That would have to end.
Ending that would immediately contribute billions to the Venezuelan
budget and would alleviate the suffering of the Venezuelan people.
Post by jat
World Bank ready to help Venezuela if asked - Latam chief
By David Lawder WASHINGTON (Reuters) – The World Bank Group stands
ready to assist Venezuela, a member and shareholder of the
institution, if the government asks for help in dealing with a
punishing economic crisis, the bank’s top executive for Latin America
said. Jorge Familiar, World Bank vice president for Latin America and
the Caribbean, told Reuters in an interview late on Monday that the
bank has had no engagement with Venezuela since it paid off past
loans in 2008 under the late former President Hugo Chavez. But
Familiar said the bank’s officials have been intensely watching
growing shortages of food and medicine this year as the oil exporting
country sinks deeper into recession, sparking violent protests.
Familiar said that the multilateral lender would be ready to develop
a loan program for Venezuela, but it would need to be “invited” to do
so by President Nicolas Maduro’s government. “As with all
shareholders of the institution, if the situation were to arise, we
would be ready to engage with Venezuela,” Familiar said. “What we
would need is for them to call us.” While the International Monetary
Fund normally plays the role of crisis lender to governments with
borrowing or balance-of-payments problems, the World Bank has
assisted some commodity-exporting countries, including Peru,
suffering from lower revenues amid reduced commodity prices. Last
year, the World Bank approved $2.5 billion in new credit lines for
Peru to backstop its financial plans. The credit lines carry reform
requirements under World Bank programs to support improvements in
public expenditure management, public education and to streamline the
formation of new private companies. Familiar said Peru was meeting
benchmarks for that program. Venezuela was the outlier on Tuesday
when the World Bank released its latest economic forecasts for Latin
America and the Caribbean, predicting that regional growth would turn
positive, to 1.5 percent in 2017 as recessions end in Brazil and
Argentina, after a regional decline of about 1 percent in 2016. The
World Bank forecast that Venezuela’s growth would fall by 3.1 percent
in 2017 after a spectacular 12 percent drop in 2016. It forecast that
Venezuela would start to recover by 2018, with 0.6 percent growth
amid firmer oil prices, but lag far behind regional growth of about
2.5 percent for 2018.
(Reporting by David Lawder; Editing by Dan Grebler)
http://www.euronews.com/2017/04/18/world-bank-ready-to-help-venezuela-if-asked-latam-chief
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