Venezuela cuts military spending due to falling oil prices

Global Business

Cash-strapped Venezuela has begun to slash its military budget as it copes with falling oil prices, but the budget cuts may not yet rile army ranks. CCTV’s Martin Markovits filed this report from Caracas.

Venezuela cuts military spending due to falling oil prices

Venezuela cuts military spending due to falling oil prices

Cash-strapped Venezuela has begun to slash its military budget as it copes with falling oil prices. But the budget cuts may not yet rile army ranks. Martin Markovitsfiled this report from,

Highlights:

  • According to a new report by Stockholm International Peace Research Institute, Venezuela slashed its military budget by 34 percent last year, more than any other country in the region.
  • The report adds that defense spending dropped by more than a third from $4.4 billion to $2.9 billion in 2014, as Maduro pledged to uphold his government’s trademark social programs.