seekthetruthVenezuela’s #military has taken charge of food distribution and key ports to guarantee supplies of basic goods and medicines amid increasing shortages and mounting unrest.
Venezuela is entering one of the worst economic crisis in the history of #LatinAmerica. In just the past year, food protests have increased exponentially as prices skyrocketed. 

The crime rate has soared with violent robberies taking place including hundreds of looting incidents. Venezuelans now face multiple daily power outages while businesses shut down and factory output drops significantly. Even for those who can afford to buy food, staple scarcity has become a major challenge for the government.

On Sunday, the authorities opened the border crossings with neighboring countries such as#Colombia, to allow desperate Venezuelans to cross over and purchase their dietary and medicinal needs. But one of the challenges was the devaluation of the Venezuelan bolivar currency.

#Venezuela has been unable to sufficiently import its most basic needs as the drastic drop in oil prices since 2014 has created an enormous financial shortfall. #Oil revenues have fallen from nearly $90 billion to about $20 billion as foreign debt has mushroomed to $140 billion or so.

Venezuela, like some emerging economies, has based nearly its entire GDP growth on oil exports. With an oil glut now entering its third year, the International Monetary Fund forecasts that #inflationin 2016 will hit more than 720 percent and that the economy will contract by 8 percent.Some analysts say the inflation rate could hit as high as 1,700 percent in 2017. #foodscarcity #venezuelacrisis#drought #globalwarming
Source: http://thebricspost.com/