Table of contents

1. Letter from the executive board…………..

2. Background Information………………………....

3. Bloc stances…………………………

4. Questions a resolution must answer……………...

5. Suggestions for Further Research………………………………………….

Letter from the executive board

Dear Delegates,

Welcome to Singapore International School Model United Nations 2020 and more specifically, to the
simulation of the Economic and Financial Committee. Firstly, we’d like to thank you from the bottom of
our hearts for having chosen to attend this particular committee, and for having placed your faith in our
hands for making your SISMUN experience unforgettable. We are as excited and nervous as you are
and we sincerely look forward to delivering quality in terms of committee regulation and conduction of
business. Secondly, there is nothing we look forward to, other than stellar debate and deliberation. While
we exist in the sphere of the Model UN wherein, we simulate the real world with ideal tendencies, we
expect the delegates to understand their roles and the gravity of the situation that they are choosing to be
a stakeholder in. Indeed, does an MUN call for an insurmountable amount of fun, however that must not
get in the way of ensuring that the core values of diplomatic etiquette are maintained at all times. Each
and every participant is a diplomat and that calls for the tactical display of a specific skill set wherein the
alpha and the omega lie pin the maintenance of civil conduct. This background guide is by no means
exhaustive and should only act as the point of inception for your research. Delegates are expected to go
beyond this guide by all means and will find out that debate will quickly exhaust the contents of this
guide in no time. Quite a few essentials have been included in order to give you the boost that you
require for the gruelling research that this committee demands. Delegates must also note that we have
decided to not include a section that talks about what documentation in this committee should answer or
in what way must that go about. This has been done because we believe that we as chairs must not take
part in debate but only see to the fact that it is conducted in a civil fashion. By setting an end-game, we
will be giving our two cents which would ultimately be detrimental to the committee, as far as the
member states setting their direction is concerned. It United Nations Children’s Emergency Fund 3
would also hamper foreign policy debate and streamline it to the extent that challenges and clashes will
either not arise or be absolutely one dimensional. Solutions are and must be based on foreign policy
recommendations, molded by diplomatic tact, and that is something we have decided to leave
completely to the member states. That being said, we look forward to having you in committee and we
are really looking forward to a learning experience that works both ways because after all, we firmly
believe that every perspective and every voice matters. See you there!

Sincerely,
Vedant Agarwal (Chairperson)
Jenil Makwana (Co-Chairperson)
Agenda: Combatting the Venezuelan socio-economic
crisis
Background information

Introduction to Committee
The Economic and Financial Committee (Second Committee) of the General Assembly at its
seventy-third session, is chaired by His Excellency Mr. JORGE SKINNER-KLÉE
ARENALES of Guatemala. During this session, it will deal with issues relating to economic
growth and development such as macroeconomic policy questions; financing for
development; sustainable development; human settlements; globalization and
interdependence; eradication of poverty; operational activities for development; agriculture
development, food security and nutrition; information and communications technologies for
development; and towards global partnerships.i
• Mandate
The Economic and Financial Committee (ECOFIN) is the second of the six committees of the
United Nations General Assembly. ECOFIN was established following the Second World
War, and first met in January 1946. The committee now meets once every year in the fall for
a 4-week session. The ECOFIN deals with issues regarding economic growth, and
development with economics on the global level, and the formation of policies regarding
trade and poverty. There is a total of 193 nations that are members of the ECOFIN. Each
member has equal representation and voting rights, regardless of size or dependency. None of
the resolutions that are adopted by the committee are enforceable. The resolutions will only
be adopted if the nation decides that they want to enforce it. The decisions by all the countries
in the ECOFIN will form international economics. Over the course of time, ECOFIN has
helped developing countries thrive economically through financial assistance and the
opportunity to prosper. ECOFIN has set goals in lowering poverty and decreasing economic
strain on nations facing large amounts of debt. The ECOFIN agenda starts with information
and communications technologies for development and goes all the way down to permanent
sovereignty of the Palestinian people in the Occupied Palestinian Territory. Overall, the
ECOFIN helps all nations to prosper, no matter what their current economic and social status
may be.
• History of Committee
Officially created in 1945, ECOFIN is the second committee of the General Assembly. Its
first meeting was in San Francisco on April 25th, 1945. ECOFIN’s distinction lies in that it
focused on the globalized economy and to support nations financially. Membership to
ECOFIN is open to all member nations of the United Nations as one of the General
Assemblies and follows the same parliamentary procedures as any other main organ of the
United Nations.ii
Venezuela Before Maduro
The Fedecamaras, Venezuela’s largest business organization, and CTV, the largest trade
union, led a strike towards President’s office, the Palacio Miraflores, on 11th April, 2002. The
very next day, General Efrain Vasquez Velasco called for the current president Hugo Chavez
to be arrested. After the arrest, Pedro Carmona, the leader of the Fedecamaras, became
president and was supported by the government of the United States. Carmona’s support was
largely a product of Chávez’s condemnation of U.S. Middle Eastern policy and Chávez’s
contact with Fidel Castro. On April 13, 2002, Chavez’s loyalists took back power and Chavez
remained in office until his death on March 5, 2013. Chavez’s creation of a new “Bolivarian
magna carta” in 1999 further strengthened the president’s office. Traditional political parties,
businesses, and older trade unions did not agree with his policy. These groups formed the
opposition and during Chávez’s regime, their relationship with the government greatly
deteriorated. Bolstered by fundamental agreements in policy, consolidation of military
control, and anti-American sentiments, the opposition put its endeavours onto impeachment.iii
Immediately after Chavez’s death, Nicolas Maduro took power. Maduro’s ascent to office
corresponded the global fall in the price of crude oil. This caused an economic crisis along
with shortage of many essential goods. In 2015, the opposition party gained control of
Venezuela’s National Assembly as a result of this dissatisfaction. The opposition party has
opposed all of Chavez’s reform movements, accomplishing this in part, through the
privatization of housing projects and natural disaster relief organizations. The parliament has
also tried to take away authority from Maduro. In response to this aggression, the Supreme
Court ruled to seize power from the assembly. The Defence Council ordered the
reinstatement of the National Assembly and the government has since prevented opposition
leaders from entering politics.
Main Political Factions
Venezuela is divided into two main factions: the Chavistas, the followers of the deceased
Hugo Chavez and his policies, and the opposition, those who crave an ending to the
Chavistas United Socialist Party (PSUV). The PSUV applauded Chavez and his party for
using the wealth of oil to lift his constituents out of poverty, although the success of these
programs is discussed in the economic portion of this guide.
The Chavistas accuse the opposition of being an elitist capitalist group that desires to exploit
Venezuela for their own gain whereas the opposition claims the PSUV has destroyed
Venezuela's democracy with corruption and has run the economy into the ground with
reckless spending. The president, Mr. Maduro, is a part of the PSUV and was handpicked as
Chavez’s successor, was originally popular. However, his popularity has been plummeting
due to several reasons. The economic turmoil and the government's inability to deal with the
recession has led to protests and increased support for the opposition. On March 29, 2017, the
Supreme Court announced that it was “taking over the powers of the opposition-controlled
National Assembly”. There was immense backlash as the opposition claimed that this
corrupted the country’s separation of powers and consolidated power underneath President
Maduro. Eventually the court retracted its decision, but this attempted power grab resonated
with the people and caused increased tension with the legislating body and Supreme Court.
According to BBC World News, the opposition is currently calling for the removal of the
supreme court justices who issued the March 29th ruling, the institution of a general election
in 2017, the opening of channels for humanitarian aid and the release of all political
prisoners.
Maduro says that the opposition party is trying to overthrow the elected government and
blaming the country’s problems on the economic war waged against him. While the
opposition parties are not all unified under one party, the different oppositional groups share
common beliefs and are calling for the ousting of Maduro.
History of The Economic Crisis & Humanitarian Ramifications
Venezuela’s large economic problems have fuelled the political and civil unrest, resulting in
mass protests and rioting. The economic crisis was and is the root cause of the now dire
situation that exists in Venezuela. The economy must be addressed in order to restore peace
and prosperity to a now desperate nation. Under Hugo Chavez, the state-owned petroleum
companies provided billions of dollars to social programs and food subsidies. The economic
leg of the crisis first began when oil plummeted from over $100 a barrel to around $50 today.
This meant that the subsidies and welfare programs that long propped up an inept and
inefficient economy were gone, leading to massive unemployment and shortages of even the
most basic commodities. Since Venezuela is an export economy, major portion of the
government's funding was in foreign currency. With less crude oil to export, there is less
relatively stronger foreign currency to take in. This makes it much harder to import basic
goods like medicine and food. Imports have fallen by 50%, which has led to a crisis in the
healthcare system. Clothes, technology and even toilet paper are imported, and now in
desperately short supply. Food shortages meant that over the past year 74% of Venezuelans
lost on average 19 pounds. The Venezuelan GDP has contracted by 10%, and will be a
quarter smaller than it was in 2013 by the end of the year.
Hyperinflation
The situation is worsened by inflation that has already exceeded 1600% in just the past year.
The Venezuelan government has tried to curb rising prices by employing price controls, but
this decision has only increased informal economic activity and led to the disappearance of
the supply of many goods. President Maduro made two crucial decisions regarding the
government's finances. First, he refused to reduce the government budget. Second, he refused
to raise taxes. This caused the budget deficit to skyrocket, leading to Venezuela printing large
amounts of money to fund the unfunded programs. Fearing the political ramifications of
cutting the budget or raising taxes, this increased printing has led to mass inflation.
The rate at which the value is lost (inflation) is accelerating. The first time the money took 2
years and 2 months to lose 90% of its value, the second time 1 year and 10 months, the third
time 10 months, and the most recent time only 3 months. Inflation in Venezuela remained
high through Chávez presidency's and towards the end of his tenure. By 2010, rise in wages
began to be futile since inflation would make any advancement redundant. Rate of inflation
in 2014 reached 69%, the highest in the world. The rate then increased to 181% in 2015,
800% in 20164,000% in 2017 and 2,688,670% in January 2019. In November 2016,
Venezuela entered a period of hyperinflation. The Venezuelan government "has essentially
stopped" producing official inflation estimates as of early 2018. In August 2018, President
Maduro announced that the country will issue a new currency, the sovereign bolivar to fight
hyperinflation. The new currency replaced the existing paper bolivar at a rate of 1/100,000: a
100,000-bolivar note becoming a 1 sovereign bolivar note. The new bills were introduced to
the country on August 20, 2018. At the end of 2018, inflation had reached 1.35 million
percent.iv
Failed Diversification
Venezuela never took the time to develop the non-energy sectors of its economy. Most oil
dependent countries build up reserves while prices are high to provide security when prices
are low. Venezuela's rampant government spending during times of prosperity left little
money for these emergency fund coffers. Chavez and his party claimed that Venezuela
suffered during the oil bust from 1979 to 1999 because capitalists stole from the people and
hoarded wealth. Maduro is telling a similar story today. To combat the inequality, Chavez set
the precedent of writing this supposed wrong by increasing public spending and expanding
subsidy programs. These programs were paid for by seizing properties and assets from
political enemies and opposition. By crippling businesses and businessman and rewarding
less efficient competition with subsidies, private firms fled the country. The exodus of private
firms meant when oil prices finally fell, as they have, there was no other efficient industry to
prop up the economy or provide for the country. Venezuela’s farming reserves have already
emptied despite a record harvest recorded this year. It was not popular politically to think of
the long term, and so Venezuela’s artificial economy was not prepared for its fall.
Corruption
Corruption is another issue that has propelled the economic recession. Officials have
embezzled billions of dollars, earning Venezuela the title of the most corrupt country in Latin
America, a tough title to win. Venezuela has always had a problem with corruption. In 1824,
Simon Bolivar established the death penalty for “all public officers guilty of stealing 10 pesos
or more”. In 1875, Venezuelan finance ministers said that “Venezuela does not know to
whom it owes money and how much,” and a century later, the General Comptroller called the
same financial system “totally out of control”.
With high oil prices in the 1970s, the government found itself with immense wealth. They
poured money into 300 non-profitable state-owned companies with insufficient oversight and
regulation enforcement, allowing corruption to flourish. Before this, only the top officials of
Venezuela could steal from the country with impunity. Now with more departments and
state-enterprises than ever, public funds could be abused at every level. A Venezuelan
university recorded that 36 billion dollars were embezzled and stolen through corrupt
government programs during the Lusinchi administration from 1984-1994. In 1997, an NGO
estimated that over 100 billion dollars of government money was either stolen or
mismanaged since the 1970s. Venezuela continued these malpractices under the Chavez
Administration. While billions of dollars are missing from collected taxes, it is difficult to
calculate an exact figure because Venezuela rarely discloses its public financial records to
scrutiny. This lack of transparency has not covered up the half of 22 billion-dollar transfers
during Chavez’s presidency that are unaccounted for in foreign accounts. Chavez’s
administration was corrupted because of his corruption directly, his policies to ensure loyalty
and his “mediocre management team working without transparency or accountability”.
Anyone who tried to expose Chavez’s corruption were jailed or silenced. The government
wasted billions on providing free oil transfers to Cuba, buying weapons, and propping up
failing businesses, and its officials, around 1,500 party elites, have stolen 95 billion dollars
under Chavez’s watch. Corruption has not slowed down since Chavez’s death. While Maduro
may claim to be tough on corruption, it is not clear what arrests are for justice and what are
for consolidating power and jailing political and economic opponents. Luisa Ortega, who was
the former chief prosecutor in Venezuela was fired and then fled for her life after she accused
the President and other government officials of corruption. After her declaration, an arrest
warrant was put out for her husband on charges of extortion. This issue of corruption must be
addressed, or else Venezuela cannot hope to progress into a modern, stable, and transparent
economy. Protests Sadly, protests have become a part of daily life in Venezuela, as thousands
of dissatisfied citizens take to the streets in anti-government demonstrations. Serious protests
started in January 2016, when the Supreme court alleged that there was potential voter fraud
in the election victories of three opposition legislative members and one ruling party member.
As a result, the court suspended their election. The opposition parties claimed that the court
was attempting to weaken their political position by preventing the election of their members
and decided to swear in their legislators despite the court's decision. In response, the Supreme
Court claimed that the National Assembly was acting illegally, and all of its new legislation
and decisions would be ignored and invalid. Eventually after more legal disputes the Supreme
Court decided that it would take over the legislative powers of congress on March 30, 2017.
This sparked large protests that enveloped Caracas the following day, and continued daily for
months despite the court reversing its decision. Protesters were not satisfied with the Supreme
Court, controlled by the ruling parties, “attempted coup” and called for political change to
ensure it would not happen again. The strength of the protests was bolstered as more and
more citizens joined in to protest the dire economic situation the country was in. As shortages
for basic needs like food and medicine worsened, and currency value fell, the protests grew
larger and larger. Deadly clashes with police and soldiers have only enraged the opposition
and protesters alike.
Crime
Crime and poverty were at an all-time high in 2017, as reported by the Venezuelan Violence
Observatory. 27,479 murders were committed in one year alone. The new hunger and poverty
led to more crime and murder which only worsened the situation and gave even more reason
for the citizens of Venezuela to protest. As of December 10, President Maduro declared that
the opposition parties that boycotted the election were no longer a part of the Venezuelan
government and are barred from being a part of the presidential elections. Maduro has also
recently placed one of his political enemies, Antonio Ledezma, under house arrest on the
charges of attempting to overthrow the Government. Venezuela is more fractured than ever.
It faces protests, shortages and political war with no end in sight.v
Past UN Actions
Economic sanctions
Economists have stated that shortages and high inflation in Venezuela began before sanctions
were directed towards the country. The Wall Street Journal says that economists place the
blame for Venezuela's economy shrinking by half on "Maduro's policies, including
widespread nationalizations, out-of-control spending that sparked inflation, price controls that
led to shortages, and widespread graft and mismanagement." The Venezuelan government
has stated that the United States is responsible for its economic collapse. In 2011vi, the United
States sanctioned Venezuela's state-owned oil company Petróleos de Venezuela. According
to executives within the company as well as the Venezuelan government, Guide the sanctions
were mostly symbolic and had little effect (if any) on Venezuela's trade with the US. 4Under
the sanctions, PDVSA cannot enter into contracts with the US government and will be barred
from import-export financing. But the company's sale of oil to the US and the operations of
its US-based subsidiary Citgo are unaffected. On March 9, 2015, Barack Obama signed and
issued an executive order declaring Venezuela a national security threat and ordered
sanctions against Venezuelan officials. The sanctions did not affect Venezuela's oil company
and trade relations with the US continued. In 2017, Donald Trump's administration imposed
additional economic sanctions on Venezuela which aim to block the Maduro government
from accessing the country’s oil revenuesvii. According to the Wall Street Journal, new 2019
sanctions are the most significant sanctions to date and are likely to affect the Venezuelan
people. In 2019, former UN rapporteur Alfred de Zayas asserted that US sanctions on
Venezuela were illegalviii as they constituted economic warfare and "could amount to 'crimes
against humanity' under international law". His report (which he says was ignored by the UN)
was criticized by the Latin America and Caribbean programme director for the Crisis Group
for neglecting to mention the impact of a "difficult business environment on the country",
which the director said "was a symptom of Chavismo and the socialist governments’
failures", and that "Venezuela could not recover under current government policies even if
the sanctions were lifted. On August 11, 2017, U.S. President Donald Trump said that he is
"not going to rule out a military option" to confront the autocratic government of Nicolás
Maduro and the deepening crisis in Venezuela. Trump's US advisers explained that it is not
wise to even discuss a military solution due to the long history of unpopular intervention in
Latin America by the United States. Venezuela’s Defense Minister Vladimir Padrino
immediately criticized Trump for his statement, calling it "an act of supreme extremism" and
"an act of madness". The Venezuelan communications minister, Ernesto Villegas, said
Trump’s words amounted to "an unprecedented threat to national sovereignty".
Representatives of the United States were in contact with dissident Venezuelan military
officers during 2017 and 2018 but declined to collaborate with them or aid them. The opinion
of other Latin American nations was split with respect to military intervention. Luis Almagro,
the Secretary General of the Organization of American States (OAS), while visiting
Colombia, did not rule out the potential benefit of the use of military force to intervene with
the crisis. Canada, Colombia and Guyana, which are members of the Lima Group, refused to
sign the organization's document rejecting military intervention in Venezuela. During the
2019 presidential crisis, allegations of potential United States military involvement began to
circulate once more. However, military intervention in Venezuela was already being executed
by the governments of Cuba and Russia. According to Professor Erick Langer of Georgetown
University, while it was being discussed whether the United States would militarily intervene,
"Cuba and Russia have already intervened". Hundreds or thousands of Cuban security forces
have allegedly been operating in Venezuela while Professor Robert Ellis of United States
Army War College described the between several dozen and 400 Wagner Group mercenaries
provided by Russia as the "palace guard of Nicolás Maduro".
Humanitarian Aid
The Venezuelan government has denied entry at its borders to hundreds of tons of
humanitarian aid. Lorries containing supplies from the United States, Brazil and Colombia
were turned away. The US, which supports the Venezuelan opposition leader Juan Guaidó,
says it's offering to provide $20m (£15m) of humanitarian supplies. But despite the recent
stand-off, not all international assistance has been rejected. The Venezuelan government has
praised Russia, an ally of president Nicolás Maduro, for sending aid and said 300 tons of it
had been transported to Venezuela. Venezuela's President Nicolás Maduro has closed the
border with Brazil amid a row over humanitarian aid. The embattled leader said he could also
shut the key border with Colombia to stop the opposition bringing in relief. Venezuela's
inflation rate has seen prices soar, leaving many Venezuelans struggling to afford basic items
such as food, toiletries and medicine. President Maduro denies any crisis and calls the aid
delivery plans a US-orchestrated show.ix

Bloc Stances
Colombia
Colombia calls at U.N. for action on Venezuela crisis February 2019, Colombia called for
action to end Venezuela’s humanitarian crisis and bring about a political transition leading to
free elections. Francisco Barbosa Delgado, human rights counselor to Colombian President
Ivan Duque, was addressing the U.N. Human Rights Council hours in Geneva before
Venezuelan Foreign Minister Jorge Arreaza was due to take the floor. Some European and
Latin American ambassadors were expected to boycott Arreaza’s speech, as more countries
back opposition leader Juan Guaido and spurn President Nicolas Maduro, diplomats said.
“Action and solidarity should be based on full rejection of dictatorship of Nicolas Maduro in
Venezuela,” Barbosa told the meeting. “Last weekend, the world saw directly that the terror
regime, whose main characteristic is violation of human rights, burned food and medicine
being sent to hungry, famished people in Venezuela,” he said. Guaido, recognized by most
Western nations as Venezuela’s legitimate leader, slipped into neighbouring Colombia last
week to lead an abortive effort to bring in humanitarian aid. He is expected to slip back
across the border in coming days. “In the face of such situations, we cannot remain silent,”
Barbosa said. “What is needed are actions that promote transition and the holding of free,
transparent elections with international monitoring in order to guarantee as soon as possible
the establishment of democracy in Venezuela.” Maduro denies that there is a crisis, despite
overseeing a hyperinflationary economic meltdown that has spawned widespread food and
medicine shortages.x
Hungary
It may come as a surprise to see refugees from the turmoil in Venezuela warmly welcomed in
Hungary - by a government widely known to be hostile to immigration and asylum. About
350 have already arrived on plane tickets funded by the state. Another 750 are on a list,
waiting in Caracas, and more may follow. All those who apply must prove Hungarian
ancestry, however distant that might be. Government spokesmen have been at pains to insist
that they are genuine Hungarians "coming home", though very few were born in Hungary, let
alone speak Hungarian.xi
Russia
In July 2017, during the crisis in Bolivarian Venezuela, in an article of Russia's Military-
Industrial Courier, a journal popular with military officers of the Russian Armed Forces, in
the event of a Venezuelan civil war, it was recommended that the Russian government
provide military intelligence to the Bolivarian government, establish alliances with ALBA
and to assist proxy leftist militant forces, such as colectivos, to maintain the Bolivarian
government's power. Maduro was re-elected for a second term in May 2018, but the result
was denounced as fraudulent by most neighbouring countries and the United States. Russia,
however, recognized the elections and Russian president Vladimir Putin congratulated
Maduro. In December 2018, Russia sent two Tupolev Tu-160 bombers to Venezuela. These
jets can carry nuclear weapons. The Russian and Venezuelan militaries later conducted joint
military exercises. In January 2019, the opposition-controlled National Assembly declared
that Maduro's reelection was invalid and declared its president, Juan Guaidó, to be acting
president of the Venezuela. The United States, Canada, Brazil and several Latin American
countries recognized Guaidó as interim president. Russia, however, continued to support
Maduro and accused the United States of trying to perpetrate a coup d'état.
Brazil
Brazil's Bolsonaro taking a risk on Venezuela. By siding with the United States in
recognizing Juan Guaido as Venezuela's interim president and dismissing Nicolas Maduro as
an illegitimate "dictator," Brazilian far-right leader Jair Bolsonaro is making a risky bet,
analysts and former diplomats say. Firstly, he is breaking with Brazil's tradition of trying to
maintain cordial relations with governments of all stripes. Secondly, he is thrusting Brazil
into a showdown that, in the words of Rubens Ricupero, a former Brazilian ambassador to the
US speaking to the newspaper O Globo, "could have unpredictable consequences for the
region" if not quickly resolved. In a worst-case scenario, Brazil could find itself involved in
military action against a neighbouring country for the first time in a century and a half. After
the United States, Brazil is probably the most important country to watch in the geopolitically
fuelled crisis unfolding in Venezuela. The vast nation, which borders Venezuela, is host to
thousands of Venezuelans who have fled economic collapse at home. It is a leading member
of the Lima Group, a regional club challenging Maduro's rule, and of the Organization of
American States, a Western Hemisphere political forum. It has Latin America's biggest
military.

Mexico
It’s the only one amongst Latin American countries to still recognizes Maduro as leader.
Oliver Stuenkel, a professor in international relations at the Getulio Vargas Foundation,
agreed that Brazil had cut itself off from any possibility of dialogue with Maduro's regime.
But he also noted that Brazil would have been "isolated" in the region if it had not gone along
with recognizing Guaido.
United States of America
In the midst of preoccupation with covid-19, the U.S. government has announced three major
initiatives regarding Venezuela, unveiled within a week. On March 26, the Justice
Department presented indictments on charges of corruption, money laundering and drug
trafficking against Venezuelan President Nicolás Maduro and 14 other current and former
officials of his government, including the heads of every major institution of Maduro’s
government, including Defence Minister Vladimir Padrino López, as well as the chief justice
of the Supreme Court and the president of the National Constituent Assembly (set up by
Maduro to undermine and attempt to replace the democratically elected National Assembly).
The Justice Department also offered a $15 million bounty for information leading to
Maduro’s arrest.

Questions a resolution must answer

1. Do the proposed policies create an infrastructure which prevents the likelihood of similar
crises occurring in the future?
3. How can the UN tackle outflows from illegal trafficking and parallel markets?
4. What factors of the weaker economic system need to be fixed urgently and how can UN
bodies play a role in doing so.
5. Which sources will the finances for the proposed policies come from?
6. Are the policies proposed within this resolution aligned with interest in economic
development?

Recommended videos
● Why Are People in Venezuela Starving (Hyperinflation Explained)?
https://www.youtube.com/watch?v=ah9i3R9pRpg
● Why Colombia has taken in 1 million Venezuelans: https://www.youtube.com/watch?
v=NU0RqwweuWY&t=115s
● Who Is the New Self-Declared President of Venezuela? | NYT News:
https://www.youtube.com/watch?v=whTzJkzZ5Fo
Further references
• https://www.thesubath.com/pageassets/bumun/about_mun/mundocuments/MUN00 4.pdf
• https://www.munuc.org/wpcontent/uploads/2018/12/MUNUC31_ECOFIN_BG_FINAL.pdf
• https://limun.org.uk/FCKfiles/File/ECOFIN_StGuide.pdf
i
https://www.un.org/en/ga/second
ii
https://www.who.int/hac/techguidance/management_of_dead_bodies.pdf
iii
http://www. aljazeera. com/indepth/opinion/2017/04/v enezuela-crisis-170422101639316
iv
https://en.wikipedia.org/wiki/Crisis_in_Venezuela#Inflation
v
https://www.bbc.com/news/world-latin-america-13542239
vi
https://www.reuters.com/article/us-usa-venezuela/u-s-sanctions-venezuela-officials-trump-slams-maduro-
idUSKCN1M51WC
vii
https://www.focus-economics.com/country-indicator/venezuela/unemployment
viii
https://www.wsj.com/articles/venezuelans-fear-new-u-s-oil-sanctions-will-hit-them-hardest-11548804430
ix
https://www.bbc.com/news/world-latin-america-47325201
x
https://www.reuters.com/article/us-venezuela-politics-colombia-un/colombia-calls-at-un-for-action-on-venezuela-
crisis-idUSKCN1QG1FU
xi
https://www.bbc.com/news/world-europe-47401440