BUAN, Patnubay F.

Venenzuela's fall

A country in the Southern America is known for its great and largest oil reserve,
Venenzuela was once a rich country. Venenzuela could have maintained their wealth if the
government had laid out plans for their growing economy. It was during Hugo Chavez,
Venenzuela's late president, used the funds to further keep him in power. Chavez used the
money from oil exports and used them in other platforms which led Venenzuela’s downfall.
These platforms were difficult to maintain and therefore led to massive debts to other
countries. The once richest country is now one of the poorest due to hyperinflation. The
country suffered further when Nicolas Maduro sat as president. There was an increase in the
cost of living and people were barely living.

During Chavez's term, allocating the budget to social programs may be wise at the time
being, but not in the long run. The president should have looked at different perspectives
before going with that plan. There should have been wiser allocations of budget and further
programs to help in the oil industry.

The government's top priority should be its people. Through the country's rich oil
reserves, the government should have thought of ways to earn and use that money for the
citizen's welfare. Now, Venenzuela's people are suffering from poor healthcare and increase in
food prices. What the government should do instead of the poor allotment of funds is to
further develop its oil reserves once again and also, to settle its political crisis.