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By Eva-Maria Bontas
People in South America would have laughed if you had told them 50 years ago that Venezuela would be one of the continent's most turbulent and impoverished countries in the early 21st century. Due to its extensive oil reserves, Venezuela has been one of the richest nations in Latin America ever since it overthrew its military dictatorship in 1958.
In actuality, Venezuela has the greatest oil reserves in the world, accounting for 18.2% of all oil reserves as of 2016. Leaning heavily on its oil sector and exports, the nation grew steadily wealthier throughout the 1960s and outrageously affluent during the 1970s, when an oil crisis (OPEC embargo) in the US led the price of oil to jump by four times its initial value in a relatively short period of time. However, despite having abundant natural resources, the nation did not diversify its economy or exports, which resulted in a high reliance on oil. As a result, rather than expanding its agriculture or other manufacturing sectors, the nation imported the majority of what it required and spent all of its oil revenue to do so.
The nation's whole economy and future, however, became reliant on the price and demand for that resource since Venezuela focused all of its resources—including infrastructure—on a sector that was resource-dependent. At a time when oil prices were at their highest in the 1970s, the global economic and energy crises had a significant negative impact on oil consumption, further deterring it. The oil glut of the 1980s was brought on by this. The price of oil had reached its all-time high at $35 per barrel in 1980 (or about $110 per barrel in today's USD monetary policy), but by 1986 it had dropped to under $10 per barrel (or about $24 in today's USD monetary policy). That meant that in only a few years, Venezuela's oil had transformed from a commodity that made its residents members of the upper class to one that was essentially worthless. The prosperity of Venezuela started to decline at this point. The Venezuelan government discovered itself significantly in debt—$33 billion, to be exact—having no cash reserves left and no anticipated revenues for a while. After that, the nation sought assistance from the IMF (International Monetary Fund), which, as many other nations who used the same strategy discovered, had the opposite effect of what was intended.
The IMF, particularly during the height of the neoliberal economic philosophy, had essentially one remedy for every nation's economic problems: deregulate, eliminate welfare, and privatize every institution that was required. Venezuela complied with IMF regulations, as would any nation seeking a loan from the organization. Government social services were drastically reduced, and price restrictions on transportation, utilities, and other commodities were abandoned. People became extremely angry and took to the streets as a result of politicians lying about their intentions before imposing harsh austerity measures on the populace. In 1989, riots and conflicts broke out, beginning in Guaranas on February 27 and expanding to the nation's capital, Caracas, and the neighboring territories. The savage police response to the riots, which had already eroded public confidence in the government, cut the last remaining thread between the populace and the state's power. At the hands of police and military troops, hundreds of Venezuelans perished; according to other reports, the death toll may have reached thousands.
The administration made the decision to artificially inflate the value of the Venezuelan bolivar in order to placate the populace and stimulate the economy, upholding its proud record of mounting the worst reaction to every crisis. The financial decision would make imported items substantially less expensive, which officials believed would increase their popularity. Due to a lack of ability to compete, the low cost of imported goods further stunted indigenous industry and growth. This made an already significant issue much worse in an economy that depended excessively on oil and hadn't yet diversified. This put Venezuela's fiscal policy in an impasse, requiring it to change constantly, which caused the hyperinflation that started in 2016. Under Nicolás Maduro, inflation rates rose to record levels by 2014 and continued to rise throughout the next years, eventually topping one million percent in 2018. Millions of Venezuelans have now migrated to Colombia as a result of this monetary volatility, which naturally led to widespread corruption over the years.
In Colombia, there are now almost 2.5 million Venezuelans who fled the catastrophe in their own country. However, they must deal with prejudice and a lack of official work in order to get 10-year residency permits. In certain circumstances, the nation's internal strife dampens prospects for a better life. A R4V report claims that gangs and armed groups throughout Latin America target Venezuelan migrants for forced recruitment, sex trafficking, and exploitation in illegal mines, crimes that can lead to their disappearance. R4V is an interagency platform led by the International Organization for Migration and the United Nations High Commissioner for Refugees.
The Revolutionary Armed Forces of Colombia (FARC) and the government reached a peace agreement in 2016, which resulted in a decrease in violence in the nation. Nevertheless, some regions of Colombia are still plagued by conflict between smaller armed groups, which take advantage of weaker communities to enlist youth and impose their rules on vast areas of the country. In some areas of Colombia, criminal organizations provide hazards that refugees and migrants are often unaware of, or they are ready to take on in order to survive or pass through the nation. Forced disappearances are one of these risks; it's a crime that leaves no evidence of the victim and has been used by armed organizations to frighten populations.
As a result of Colombia's armed war, around 120,000 individuals are said to have vanished all throughout the nation. In some areas of Colombia, criminal organizations provide hazards that refugees and migrants are often unaware of, or they are ready to take on in order to survive or pass through the nation. Forced disappearances are one of these risks; it's a crime that leaves no evidence of the victim and has been used by armed organizations to frighten populations. As a result of Colombia's armed war, around 120,000 individuals are said to have vanished all throughout the nation.
Human rights organizations claim that immigrants and refugees are less prepared than Colombian nationals to speak out for themselves as victims because they have difficulty navigating an unfamiliar court system and encounter prejudice when trying to do so. Additionally, they are not permitted to register as victims of Colombia's armed conflict, which prevents them from being eligible for compensation.
In a recent study, the Colombian Ideas for Peace Foundation urged the government to ameliorate the dire socioeconomic conditions that render migrants susceptible to armed organizations and to include the migratory community in peace-building initiatives. The R4V study, on the other hand, suggested that humanitarian organizations counsel migrants and asylum seekers about their legal obligations to report crimes and assist them in contacting the court system.
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