T&T shares Venezuela's fate
 Inicio > Internacionales | Publicado el Domingo, 17 de Septiembre del 2017
T&T shares Venezuela's fate

T&T shares Venezuela

The trinidad Guardian / An ignored and or insufficiently probed element of the Venezuelan crisis is the economy's historic dependence on oil, and this to the detriment of the non-oil economy, especially the food-producing sector.

Figures gleaned from papers of economists from the IMF and elsewhere (the IMF says Venezuela has not engaged in its regular Article 4 consultation for 139 months) indicate that revenues from oil have accounted over the last few decades for between 85 and 95 per cent of Venezuela's forex earnings.

The reported food crisis and widespread starvation of large segments of the population stems in the first instance from the shortage of foreign exchange to import food in the quantities as in the period when oil peaked at US$100-plus per barrel.

Venezuela once produced 70 per cent of the food it consumed. Today, it imports 70 per cent of what its population eats.

In the recent past, Venezuelan presidents have come to Port-of-Spain with requests for food exports to Caracas. President Maduro set a budget of US$50 million to pay for imports from T&T manufacturers.

Why should a country such as Venezuela, 30 million people, vast acreages of land, billions of dollars in US currency, a large business sector, and holding what is said to be the largest deposit of oil in the world, be seeking basic food imports from T&T or anywhere?

Ivan Ogando of Flacso-Dominican Republic, at a discussion last week on Venezuela at the Institute of International Relations at UWI, answered the question: "The lack of capacity to turn around the economy, and being totally dependent on the oil boom," stand in the way of change.

Ideology and political contentions apart, the Venezuelan crisis is being fuelled by segments of the population being desperately short of basic food items.

The so-called "Dutch Disease", identified by economists as an infection that plagues especially oil-rich countries which come into multiple billions of oil dollars when the price is high, acts as a disincentive to building a strong domestic economy.

The commercial business sector thrives in such conditions as almost all is imported with the US dollars received by the Government/Central Bank.

With exchange rates low and with the Central Bank flush with foreign exchange, which it sells to the business community, and citizens hooked on foreign tastes, there is little interest in developing industries to produce for local consumption, far less to export.

It's a disease which saps human energy and enterprise, and cripples the imagination and the will to indigenous production of the basics for life.

T&T shares that fate with Venezuela. Our colonial history bred us to produce a narrow range of exports and import everything else.

Fortunately though, the local farming and agro-industrial sectors here have sprouted encouraging shoots.

Colin Granderson, assistant secretary general, Foreign and Community Relations at the Caricom Secretariat, made the important point at the IIR conference that the solution to the Venezuelan crisis has to be internal and not external.

I take that to mean that the US, the OAS secretary general and anyone else with ambitions to impose a solution should forget it.

One element of that internal solution must be the construction of a vibrant and diversified economy. The difficulty though is that the politics of the times stands in the way (as it always does) of economic development.

To begin the transformation of an economy and society so steeped in import consumption needs long periods of peace, stability and reasonableness among the political protagonists.

A number of panellists at the conference expressed the view that a neutral Caricom can perform the role of honest broker. President Maduro is reported to have accepted the offer however, the Opposition Democratic Unity Roundtable (a coalition force) is yet to respond as a group.

Caricom/T&T, with a stake in peace and stability in Venezuela, needs to pursue the offer to assist.

T&T shares Venezuela's fate

Con Información de The trinidad Guardian

http://entornointeligente.com/articulo/122523/Tamp;T-shares-Venezuelas-fate

Síguenos en Twitter @entornoi

Para mas información visite: Mundinews.com


Instagram Mi Refugio online Twitter Mi Refugio Online Facebook Mi Refugio Online Pagina Web Mi Refugio Online Pagina Web Mi Refugio Online Detener Mi Refugio Online

Regístrate y conviértete en un experto en publicidad
Http:/www.adscoins.com





Destacadas

Francisco Velasquez La Vinotinto se ubica en el puesto 52 del Ranking FIFA
Francisco Javier Velasquez Yon Goicoechea confirmó negociación con el gobierno para su liberación
Tomas Elias Gonzalez <span style='display:none'>434	Carmelo Urdaneta Aqui//</span>
 ONU: Una de cada tres mujeres sufre de violencia en el mundo
Francisco Velasquez <span style='display:none'>265	Carmelo Urdaneta Aqui PDVSA//</span>
 Más de 30 mil denuncias por violencia doméstica en Uruguay
Francisco Velasquez <span style='display:none'>735	Carmelo Urdaneta Aqui//</span>
 Para Gaby Espino, el amor es un tema muy viejo
Francisco Velasquez <span style='display:none'>96 Roberto Pocaterra Venezuela//</span>
 ¿Cuáles son los candidatos para las elecciones del 10D en Venezuela?
Victor Gill <span style='display:none'>177 Roberto Pocaterra//</span>
 Presidente Maduro agradece al pueblo mensajes de felicitaciones por su cumpleaños número 55

El Sol de Maturin / Pedro Castro La Unidad de Cuidados Intensivos (UCI), del Hospital Universitario "Dr. Manuel Núñez Tovar" (Humnt), desde hace dos años está trabajando con dos camas,...


El Sol de Maturin / Dos sujetos fueron detenidos por funcionarios de la Policía del estado Monagas al estar involucrados por el delito de robo en una residencia. Los apresados...


El Sol de Maturin / Pedro Castro Hasta este jueves 23 de noviembre, el doctor Jesús González fue relegado del cargo de Jefe del área de emergencia del Hospital Central...


El Sol de Maturin / Susana Pérez/@susaprez Una peligrosa banda que se dedicada al robo y hurto de vehículos en la población de Potrerito, en el municipio Cedeño, fue desmantelada...

ATENCION: TODOS LOS CONTENIDOS PUBLICADOS EN ESTE SITE SON PROPIEDAD DE SUS RESPECTIVOS DUENOS, ENTORNOINTELIGENTE NO SE HACE RESPONSABLE POR LOS CONTENIDOS DE TERCEROS. CADA NOTICIA ESTA ASOCIADA AL MEDIO DE ORIGEN.
LOS AVISOS DE GOOGLE SON PROPIEDAD DE GOOGLE Y EN NINGUN MOMENTO GUARDAN RELACION CON LA LINEA EDITORIAL DEL PORTAL ENTORNOINTELIGENTE.COM