Socialism Wreaks Havoc In Venezuela As Country Suffers From Chronic Food Shortage

The country that today holds the largest proven reserves of crude oil, a resource that in the early 1900s became synonymous with wealth, is quickly descending into chaos. A hunger crisis has hit Venezuela, where people are protesting against President Nicolás Maduro Moros and demanding his removal from office.

Political crisis, policy paralysis and crashing oil prices have left the country’s socialist government with little foreign currency to buy goods from other countries. Imports are down 50 per cent from a year ago, pushing the country deeper into a hunger crisis.

Various news reports in the last week have brought to light the chronic food shortage in the country. According to Miami Herald, Venezuelan soldiers in uniform were caught begging for food in neighbouring Guyana last week. That soldiers would cross into Guyana is telling because reports in the last few months have suggested that the military, which has largely remained loyal to the unpopular government, has been in control of food resources to a large extent and has been trafficking it.

Thieves in Venezuela are stealing animals from a zoo to eat and sell them, The Guardian has reported. According to the World Health Organization, hospitals there lack 95 per cent of necessary medicines. At least 75 per cent of the population has lost an average of at least 19 pounds in 2016 due to a lack of proper nutrition amid the ongoing crisis.

According to the International Monetary Fund, inflation is expected to rise 720 per cent this year and over 2,000 per cent the next year. In response to high inflation, Venezuela's socialist government has raised the minimum wage by 60 per cent to 200,021 bolivares ($45 on the unofficial but often-used exchange rate as calculated by dolartoday.com) a month, including food stamps.

Food prices in the markets around the country have skyrocketed. In March, a basket of basic grocery items which includes eggs, milk and fruits cost 772,614 bolivares, close to four times the monthly minimum wage, according to the Venezuela-based Center of Social Analysis and Documentation.