Venezuela was once a prosperous nation endowed with a lot of oil. However, presently, the country is facing economic mismanagement, political repression, as well as rampant corruption. The country is also experiencing high inflation rates. As such, wages have become worthless. Mortality rates have risen due to starvation and preventable diseases. Additionally, in recent years, while many Venezuelans have fled the country, those who have remained continue to struggle for medicine and food. At the same time, citizens are battling rampant crime as well as water shortages (Herrero, 2019). Policymakers blame the ruling Socialist party as well as President Nicolas Maduro for the economic struggles in Venezuela (Ramirez, 2018). They have cited failed statist policies and the government’s ignorance of corruption and suffering to be the primary causes of the economic downfall.
The United States Policy
Historically, the U.S had close ties with Venezuela. Venezuela was a significant oil supplier of the U.S. However, under the Maduro and Chavez regimes, relations have diminished tremendously. The policymakers in the United States are concerned about the reduction of democracy and human rights in Venezuela. Further, the U.S is worried about the nation’s lack of cooperation on counterterrorism as well as counternarcotics efforts. To respond to the ongoing situation in Venezuela, President Donald Trump’s administration has enforced and used targeted sanctions against Venezuelan officials. The penalties are directed towards those officials responsible for undermining democracy, violating human rights, as well as corruption. The current U.S administration, since 2017, has enacted broader sanctions limiting the government of Venezuela access to financial markets in the U.S. More so, because of the sanctions, the government of Venezuela cannot issue digital currency as well as the Venezuelan debt. Also, the Trump administration has supplied humanitarian aid to neighboring nations sheltering Venezuelans.
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The United States Foreign Policy Options Concerning Venezuela
The fate of Venezuela is critical to the stability of the United States as the situations impact security, democracy, as well as the economy in the Western Hemisphere. Venezuela is one of the largest oil producers in the globe. The ongoing instability in oil production in Venezuela may impact negatively on the economy of the U.S. The crisis may affect the refining industry of the States as well as world oil prices. Therefore, disruptions in oil production could markedly increase prices (O'Neil, 2017) . With regards to security, the U.S is experiencing a significant threat to its national security as Venezuela continues to facilitate organized crime, drug traffickers, terrorists, and other deviant individuals within its borders. In fact, Venezuela is preferred by most drug dealers because it is easy to transport drugs to the U.S and Europe from the country. Also, the authoritarian nature of the Venezuelan government contradicts the States’ foreign policy goals and ideals. It further disrupts peace, stability, as well as development in the region. Therefore, the Venezuelan crisis necessitates the U.S to come up with policy options that will address the economic, political, humanitarian, and social crises in the nation.
The ongoing crisis in Venezuela calls for stringent U.S foreign policies. The U.S should continue to employ targeted sanctions against Venezuelan officials who abuse their powers. Also, the sanctions should continue to target human rights violators and drug traffickers. These sanctions may be, for example, banning corrupt officials from entering the U.S. The sanctions should deny corrupt Venezuelans from gaining access to the U.S and enjoying the benefits of its financial system. In doing so, the U.S will be avoiding the humanitarian costs that massive sanctions would inflict on the population of Venezuela. Additionally, the sanctions demonstrate that the United States indeed upholds international regulations and norms.
Secondly, the U.S should focus on condemning Venezuela’s authoritarian government by establishing a regional coalition. The Trump administration should also work via the organization of American States (OAS) to suspend and sanction Venezuela (O'Neil, 2017) . This is because Venezuela has failed to follow the Inter-American Democratic Charter of the OAS. Thirdly, the U.S should work with other South American countries such as Brazil and Colombia to adequately prepare for an increase in refugees. This will address the humanitarian costs of the repression. The U.S can assist in safeguarding and caring for refugees. They can also send finances, equipment, and civilians to aid the neighboring governments of Venezuela, the UN, and NGOs to address the crisis sufficiently. Fourthly, the States should start to look for effective ways to assist a future receptive Venezuelan government deal with financial and economic difficulties. In this regard, the U.S administration should coordinate efforts with creditors, International Monetary Fund (IMF), and other parties to establish a rescue package as well as the restructuring of debt. Finally, the US should encourage China to participate in advocating for change in Venezuela. Given that Venezuela borrowed money from China a few decades back to keep the government running, China can influence the country into accepting change (O'Neil, 2017) . The Trump administration should start talks with the Chinese governments. The Chinese may be willing to advocate for change in Venezuela because they are afraid of a debt default.
Conclusion
The social, economic, and political situation in Venezuela symbolizes a regional issue. The case also threatens the world’s democratic values. Therefore, given the historical relations between the U.S and Venezuela, the U.S should prioritize developing foreign policies that will assist the people of Venezuela. These policies should push for change that will restore Venezuela to its original glory.
References
Herrero, A. (2019). After U.S. Backs Juan Guaidó as Venezuela’s Leader, Maduro Cuts Ties . Retrieved from https://www.nytimes.com/2019/01/23/world/americas/venezuela-protests-guaido-maduro.html
O'Neil, S. (2017). Options for U.S. Policy in Venezuela , 3-8. Retrieved from https://www.foreign.senate.gov/imo/media/doc/030217_ONeil_Testimony_REVISED.pdf
Ramirez, M. (2018). Lootings, scattered protests hit Venezuelan industrial city . Retrieved from https://www.reuters.com/article/us-venezuela-looting/lootings-scattered-protests-hit-venezuelan-industrial-city-idUSKBN1EY2DV
