Venezuelan President Nicolás Maduro says China has given the country a $5 billion loan. It’s unclear if the money is new financing or part of a deal announced earlier.
Maduro said Sunday that Venezuela had received $5 billion from China to fund development, and was seeking additional financing.
China is Venezuela’s largest creditor and has loaned it more than $40 billion over the past five years, much of which has been paid back in the form of oil deliveries. Venezuela sells China more than 600,000 barrels of oil a day.
Venezuela is struggling with the world’s highest inflation, a recession and a cash crunch brought about partly by a steep fall in the price of oil, which makes up 95 percent of the country’s export earnings.