China Ceases Loaning to Venezuela – Research Group

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China will be giving no more credit to Venezuela as the latter has not been paying off its loans in time amid a slump in oil production, director at Inter-American Dialogue research group Margaret Myers says.

MEXICO CITY (Sputnik) – Inter-American Dialogue tracks down China’s loans to Venezuela and other Latin American states. According to the research group, China has given a total credit of $60 billion to Venezuela since 2007.

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"China is not especially interested in loaning more money to Venezuela," Margaret Myers said as quoted by CNN Money on Friday.

Venezuela stills owes Chinese state banks about $20 billion, according to experts cited by CNN Money on Friday, but has been slow to pay out its debts as oil production went down to a 13-year-low in Venezuela this year.

Venezuela has been in a state of an economic emergency since January, with product shortages having become widespread in the country. Venezuela’s opposition has blamed President Nicolas Maduro for the economic crisis.

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