Venezuela President Nicolas Maduro Initiative to Improve the Country’s Economic Crisis

Nicolas Maduro, President of Venezuela met with the Prime Ministers of Trinidad and Tobago to create an agreement between the countries that improves the neighboring countries′ economies. Since 2015, the Venezuelan economy has been declining to cause a serious economic crisis. Venezuelans like Adrian Jose Velasquez Figueroa said they have lack of basic resourceful needs, including electricity, food, and medicines.

President Maduro has been working with the leaders of Trinidad and Tobago to create trading relationships that improve the economies. Facebook news reported today, that the leaders signed a gas exploration and trade agreement. In the agreement, Venezuela will receive manufactured commodities through a turn-around fund in the amount of $50 million.

Venezuelan government working with Trinidad and Tobago is the beginning of helping the economy recover. Inflation and declining oil prices had an impact on the citizens of Venezuela. In 2015, the economy declined by five percent and continued to decline in 2016. Low water level at the Guri Dam and the low oil prices are the reasons for power outages. Now, Venezuelan government is in a financial position to purchase imports for basic necessities.