Venezuelan President is confident that the country will see economic growth in spite of US sanctions

Venezuelan President Nicolas Maduro is confident that the economic growth of this South American country is possible despite the sanctions from the United States. The President made the corresponding statement in an interview with the Spanish version of RT, which aired on Thursday.

“We have many opportunities to embark on the path of growth and development in spite of aggression and attacks. <...> I am sure that now we are waiting for real economic growth, ” – said Maduro.

At the same time, he acknowledged that Venezuela’s revenues from the oil industry fell from $50 billion to $4 billion a year. “The situation is difficult because of economic sanctions and persecution by the American Empire led to significant restrictions. We have confiscated, we have stolen almost $30 billion. Venezuela can not open or close Bank accounts around the world, can not pay for goods, and now we are threatened with a complete naval blockade,” explained Maduro.

According to him, the current situation forced the government to turn to the policy of import substitution. Maduro also noted that now his priorities are to provide the population with food and medicines, as well as to restore the oil industry. “I believe in restoring the oil industry as an engine to Finance national development and our economy,” the Venezuelan leader said.

In recent years, Venezuela has been experiencing an acute socio-economic crisis, accompanied by hyperinflation, devaluation of the national currency and shortages of essential goods and medicines. According to UN estimates, more than 4 million people have left the country.

President Donald Trump on August 5 signed an Executive order completely blocking the property of the Venezuelan government in American jurisdiction and imposing a ban on any provision of funds, goods, and services. The assets of all departments of the government of the Latin American country, as well as the Central Bank of Venezuela and the state oil company PDVSA, fell under the lock.

Author: Flyn Braun
Graduated from Cambridge University. Previously, he worked in various diferent news media. Currently, it is a columnist of the us news section in the Free News editors.
Function: Editor