International News

CARACAS, (APP/AFP) – Venezuela’s military has
been put on the frontline of a worsening national economic crisis by taking charge of food distribution and key ports amid dire shortages and mounting unrest.
President Nicolas Maduro, who is trying to cling to power and avert
total collapse of his oil-dependent country, announced Tuesday that the armed forces have taken control of the country’s five main seaports.
On Monday, he greatly boosted the authority of his defense minister
— armed forces chief General Vladimir Padrino — by making him responsible for distributing food, medicine and basic goods, all of which are running out.
The nation’s woes have accumulated with multinational firms shutting
up shop and, on Tuesday, the US bank Citibank confirming it has closed the
government’s overseas payments account.
A Citibank insider told AFP on condition of anonymity the decision
was due to the “reputational risk” to the bank of continuing to do business with the failing South American country.
Maduro likened Citibank’s move to a “financial blockade.”
His government had used the account to make payments to other
accounts in the United States and elsewhere in the world.
Now it will have to find another bank to deal with, so as not to get
closed out of the international financial system altogether.