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Venezuela

Yearbook 1996

Venezuela. According to Countryaah.com, violent demonstrations in Caracas and several other major cities began the new year. The protests were led by students and were primarily concerned with the government's savings plans and the increased cost of living. The protests resumed in February and were now aimed at negotiations with the International Monetary Fund and budget cuts.

1996 Venezuela

In March, President Rafael Caldera implemented a government reform. The most important change was that Teodoro Petkoff, leader of the Movimiento al Socialismo (MAS) coalition party, was appointed Minister of Planning. In March, the dormant negotiations with the International Monetary Fund (IMF) resumed. Major budget cuts and an economic stabilization plan aimed at reducing the budget deficit from 6.1 to 2% of GDP contributed to Venezuela getting a $ 3 billion loan from the IMF, Inter-American Development Bank (IDB), at the end of April. and the World Bank.

On May 30, the Supreme Court sentenced former President Carlos Andrés Pérez to prison for two years and four months for embezzlement of public funds during his second term (1989–93).

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