Exact(1)
Even if the government slashes imports further, to a bare-bones $35 billion (from $50 billion in 2014), Venezuela will still face an external financing gap of $30.5 billion this year, according to Tamara Herrera of GlobalSource Partners, an economic consultancy.This includes debt payments by the government and PDVSA adding up to $10.3 billion in 2015.
Similar(59)
A weaker currency and higher interest rates have slashed imports, and pushed the economy towards recession.
Tariffs and other trade sanctions have slashed imports from countries such as Russia.
The government has slashed imports by more than 30% this year, and budgets for state companies and ministries have also been cut.
Nixon Administration officials were convinced that cutting the dollar's tie to gold and devaluing it against other currencies would increase our exports, slash imports and give us a fabulous round of prosperity.
"Instead of cutting social spending," Bloomberg reported today, "Maduro has responded to lower revenue by slashing imports".
Even so, the government recently slashed import tariffs on key products.
But reformers need to continue slashing import tariffs, which still average 23%.
Under WTO rules, countries may slash import barriers unilaterally as long as they do not favour some countries over others.
The SWA believes Osborne's duty cut will influence other governments to slash import tariffs and help boost sales.
Rather, the world of 1913 was quite like that of 2013: modern, substantially urbanised and, even as Woodrow Wilson set about slashing import tariffs, thriving on global trade.
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