Russian President Vladimir Putin wished success to Nicolas Maduro, President of Venezuela, whose second term began in the midst of a severe economic crisis, as well as shortage of currency and hyperinflation.
As reported by TASS, at the ceremony of receiving credentials from new ambassadors, Putin wished success to Venezuela in stabilizing the situation in the country.
“We sincerely wish success to the leadership of the country, our friends in Venezuela and all the people in this country in stabilizing the social and economic situation,” Putin said.
He added that Russia is ready to “provide support in solving this task”.
According to IMF report, “World Economic Outlook”, inflation in Venezuela will reach 1,370,000% by the end of 2018. This rate is by 370,000% higher than the fund expected at the beginning of the year.
“Hyperinflation in Venezuela will grow at a rapid rate” due to the huge budget shortage and loss of trust in the national currency. It can hit 10,000,000% next year, the fund predicts.
Venezuela’s economy, which receives 95% of currency income from oil, will fall by 18% this year and 5% next year, the IMF predicts.
According to the OPEC, in the last two years, oil production in Venezuela fell from 2.1 to 1.2 million barrels a day.