Russia holds Maduro aid plan as opponent popularity sinks

Russia is waiting for the president of the National Assembly (AN) of Venezuela, Juan Guaidó, to leave office before sending economic advisors to help the regime of its ally’s, Nicolás Maduro, considered by many of the population and more than 50 countries ( including Panama) that support Guaidó, as usurper of power.

Guaidó, who tried to overthrow Maduro by temporarily assuming the Presidency of the country – in January 2019 – will cease to be the leader of the Assembly, although he aspires to re-election. The vote will be on January 5.

If his mandate is not renewed, Russia will intensify its efforts to help Maduro officials face the economic crisis affecting the Latin American country rich in oil, Sergey Storchak, Russian Deputy Minister of Finance said in an interview with Bloomberg

Storchak, who heads a team of 12 people focused on Venezuela, said Russian initiatives to help alleviate the crisis had not been successful to date, because officials in Caracas were reluctant to implement changes without the support of the Assembly led by Guaidó.

“I think the situation will begin to change in mid-January. I hope they share data with us so we can decide which specialists we should send, ”said Storchak. “The main focus is on the oil sector. We have suggestions on eradicating administrative distortion, which they allowed to occur during nationalization, ”he added.

While the United States and about 50 other countries recognized Guaidó as head of state in charge, the US authorities are increasingly worried that he may lose his position in the middle of a drop in his approval rating to a record low of 38.9% last month.

Russian advisers will address the solvency of Venezuela’s national currency, its banking sector and social problems, Storchak said.

“Social security is related to the identification. Venezuela has that old system that redistributes goods equitably, ”he said. “This has been considered an element of social justice, but in reality, it has deepened social stratification in the country,” he warned.

Maduro’s regime is also receiving advice from Turkish and Chinese experts, Storchak said.

Since Venezuela is paying Moscow under a $3.150 billion restructured debt contract, Russia is “working on its own” by offering help to boost the economy, he said.

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