Venezuela approves over $570M development fund

Venezuela's President Nicolas Maduro has announced he approved nearly $228.8 million for the materialization of the productive and operational plans of the country’s governorates and protectorates.

Maduro said on Twitter that with the governors and protectorates -- dependent territories that has been granted local autonomy -- five priority areas were determined which included economy, public services and maintenance, social policies and missions, security, and popular power and leading democracy.

"I approved €207.3 millions for the execution of the productive and operational plans of governorates and protectorates," the president said.

"I also approved resources for more than €202 [almost $222.9] million for the recovery of electricity, water, telecommunications, agricultural roads and transportation," he added.

The president said nearly a $169.2 million fund was approved for the development of productive projects of 3,200 municipalities nationwide.

"We will consolidate a powerful productive Community Economy," Maduro emphasized.

Late September, Maduro paid a working visit to Kremlin to discuss bilateral relations, as well as regional topics with his Russian counterpart Vladimir Putin.

Venezuela's economy has been in precipitous decline following a global downturn in the price of crude oil, the country's main export, while ongoing political unrest also affects the country's financial stability.

The proven oil reserves in Venezuela are recognized as the largest in the world with total of 303.3 billion barrels, according to the 2019 edition of the BP Statistical Review of World Energy reports.

Since the beginning of the year, Venezuela has been embroiled in political unrest as Maduro and opposition leader Juan Guaido engage in a power battle.