Venezuela is currently fighting one of the worst cases of hyperinflation since the early 1900s and the International Monetary Fund predicts that the situation will only get worse. Due to a combination of poor social policies, a failing national oil industry, and a President who seeks to weaken government institutions and allow political corruption, the Venezuelan bolivar has suffered significantly. The IMF originally projected the bolivar’s annual inflation rate would hit thirteen thousand percent by the end of the year, but has since revised that estimation to one million percent.
Economy and Development
Even before the health studies were released about the incredible benefits of quinoa, Bolivia and Peru found themselves as the main producers and consumers of this crop. However, more recently studies have been released portraying quinoa to be the ultimate superfood.
The Maduro government has staged a plan to help curb the staggering inflation crisis in the country--- by creating a new currency. The idea of implementing a new currency in Venezuela is not new, as the government had tried multiple times to restore some value in their worthless monetary system. The bad news is the country has a terrible track record with financial decisions dating back to when the value of oil took a nosedive and sent the country spiraling into crisis. Their first mistake was backing 98% of their economy in oil.
Usually developing small-scale infrastructure in rural areas is seen in a positive light, especially when these rural areas are located deep within the Amazon forest in the borders of Peru. That is the mentality that local people in these communities had, and supported the idea of the government building a road to connect to them to the bigger towns nearby. However, although positive changes have been made, there are still negative consequences within the modernization of communities who have remained remote for decades.
The idea of giving economic aid to a country is a noble one. Giving sovereign nations money to expand their economies, education levels, basic health, and to instill peace within their borders has been something the United States has done for nearly a century. However, giving them money is inconsequential; it is where that money goes, and how that money is used that matters. By citing instances of economic aid within Latin America in 2017, one can see just that, making one ponder the question; is the aid helping to advance these countries, or is it not helping in any significant way?