The request came in a letter to IMF Managing Director
But approval may be hard to come by if the
“The Bolivarian government is taking different preventive measures and following thorough, strict and exhaustive controls to protect the Venezuelan people,” according to the letter, which is dated
“For this reason, we are turning to your honorable organization to request its evaluation about the possibility of authorizing
While Venezuela’s exposure to the coronavirus has so far been limited — with just 33 cases confirmed — the potential economic damage from the disease has the entire country of around 30 million on edge.
Even before the virus' outbreak, Venezuela’s oil industry was on its knees. Severe sanctions applied last year by the Trump administration nearly halved oil production and worsened a humanitarian crisis that has pushed nearly 5 million people to flee the country.
Now the country will have to contend with oil prices at a multi-year low amid a meltdown in oil markets that followed
The request is an about-face for Maduro, who for years refused to share economic data with the
However, countries with debt levels the
For the loan to be approved, the
“What's important isn't whether they get the money or not,” said