Venezuela gets $5 billion credit line from China

Posted: Monday, September 17, 2018. 9:55 a.m. CST.

By BBN Staff: According to a report from Caribbean News Now, hunger stricken Venezuela will obtain a $5 billion credit line from China.

Venezuelan President, Nicolas Maduro is on his way to Beijing, China to seal the deal.

Venezuela will pay off the loan with cash or oil.

Venezuelan Finance minister, Simon Zerpa said that China and Venezuela are to sign a strategic alliance on gold mining.

Furthermore, Maduro is seeking additional Chinese support to weather an economic meltdown due to the collapse of oil prices nearly four years ago.

That collapse has led to civil unrest and the collapse of the country’s currency.

Maduro has halted most payments on Venezuela’s foreign debt and owes more than $6 billion to bondholders, cutting off most…

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