Tuesday May 22, 2018

Amid terrible economic crisis, Venezuela is also running short of Beer

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  • Venezuela is home to the largest oil reserves in the world
  • The government is causing the country to self implode
  • Shortages have led people to turn to rioting and looting

Meat, milk, bread and beer; staple items on a diet plan. These items are now hardly available to the citizens of Venezuela. Empresas Polar is upon tough times. It was founded in 1941 and has been the food giant in the socialist country. Factories now work at half speed with thousands of employees having been laid off since April.

Even though Venezuela is home to the largest oil reserves in the world, the prices of petroleum are down and government policies are making matters worse.

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The country’s food production has also plummeted leading to food shortages. These shortages have led people to turn to rioting and looting. The disheartening part of this situation is that the government refuses to change its ways.

crisis in Venezuela. Image source: Wikipedia
crisis in Venezuela. Image source: Wikipedia

In fact, the government has turned to place blame on the largest private company in Venezuela, Empresas Polar. President Nicolás Maduro has gone so far to label the chief executive of the company as,  “a thief and a traitor.” The president also claims that Polar is purposefully refraining from full food production in attempts to ruin the Venezuelan economy. These claims come with no evidence that any of it is true, and has left the Lorenzo Mendoza with a saddened heart.

Lorenzo Mendoza, the chief executive of Empresas Polar, has been appalled at the attacks on him and his private company. He is frustrated because he has seen other governments such as those in, Nicaragua, Bolivia and Ecuador embrace the private companies within their country.

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There is a barley shortage. The government controls foreign currency and refuses to import the barley that Polar needs. Venezuela is unable to grow its own barley in its tropical climate. That creates frustration among the workers; demanding the materials they need to be able to work. So many hard emotions are being felt everyday and many of the Venezuelans may just want to sit down and have a beer in attempts to relax. Unfortunately for them, Polar is responsible for 80 percent of the countries beer. Vendors now have to ration off the remaining beer cases they have, and they limit the amount that each customer can purchase.

The government is causing the country to self implode. Without the approval from the government to import goods into the country, the largest food distributor has no means to put anything on their shelves to sell. It is hard for a company to convince the government to go out and purchase foreign goods when the government hardly has any money to sustain its own Maduro regime.

The Venezuelan economy is crumbling. The government has decided to pit the blame on the largest food distributor in the country. With shortages in meat, milk, bread, and beer things do not look as though they will get better under the socialist rule.

-by Abigail Andrea. She is an intern at NewsGram. Twitter @abby_kono

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Big reforms Led to India becoming the fastest growing major Economy globally: Garg

It also has enormous implications for emerging markets and developing countries

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The RBI building in Mumbai.
The RBI building in Mumbai. Photo credit: AFP/Sajjad Hussain

The major reforms undertaken by the Indian government for raising economic growth and maintaining macroeconomic stability have made the country one of the fastest growing major economies in the world, said Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA).

Garg was addressing the Special Event hosted by US-India Strategic Partnership Forum on ‘Indian Economy: Prospect and Challenges’ in Washington D.C on Friday.

Indian economy needs more reforms.
Indian economy needs more reforms.

He said the launch of the Goods and Services Tax (GST) represented an “historic economic and political achievement, unprecedented in Indian tax and economic reforms, which has rekindled optimism on structural reforms.” He further emphasized that India carried-out such major reforms when the global economy was slow.

“With the cyclical recovery in global growth amid supportive monetary conditions and the transient impact of the major structural reforms over, India will continue to perform robustly,” Garg said.

During his meetings, Garg highlighted that the digital age technologies have profound implications for policies concerning every aspects of the economy. It also has enormous implications for emerging markets and developing countries.

Also Read: Biggest Bank Frauds Which Shook The Indian Economy

He expressed that the response to such a transformation will have to shift from ‘catch up’ growth to adoption/adaption of digital technologies for development and growth.

Garg also informed that India has started adopting policies and programmes for transforming systems of delivery of services using digital technologies and connecting every Indian with digital technologies and access through Aadhaar and other such means.

Indian economy should be on rise.
Indian economy should be on rise. Image: Mapsofindia

While citing the example of expanding mobile data access, he mentioned that India is now the largest consumer of mobile data in the world with 11 gigabytes mobile data consumption per month. He informed that India is investing in digital technologies, encouraging private sector to adapt these technologies and also addressing the taxation related issues by introducing equalisation levy.

Garg is currently on an official tour to Washington D.C. to attend the Spring Meetings of the International Monetary Fund and the World Bank and other associated meetings. He is accompanied by Urjit Patel, Governor, Reserve Bank of India and other senior officials. IANS