Mexican beverage multinational Coca-Cola FEMSA is suspending production in Venezuela because of a shortage of sugar, according to a company statement.

“Ninety percent of the production requires sugar. We are not going to shut our central office right now. We are not leaving Venezuela,” said FEMSA in a statement on Thursday as quoted by the La Patilla daily.

According to reports in Venezuela, Coca-Cola FEMSA is suspending its local production due to a long term shortage in sugar supply — Zenith International (@zenithintl) May 20, 2016

Headquartered in Monterrey, FEMSA operates the biggest independent Coca-Cola bottling group in the world.

Venezuela on verge of default, oil prices fall https://t.co/Wd1XqxUJjHpic.twitter.com/FwZFyzdlkt — RT (@RT_com) February 14, 2016

Last month, Venezuela's largest food and beverage company Polar Group announced it was suspending production of beer and other malt beverages due to a lack of barley.

URGENTE | Coca Cola Venezuela suspende toda producción por falta de azúcar.

La empresa notificó a sus trabajadores.

Empleos en peligro. — Alberto Rodríguez (@AlbertoRT51) May 19, 2016

Last week, Venezuelan President Nicolas Maduro threatened to seize the factories that stopped production, and to jail the owners.

Coca Cola Venezuela suspende la producción por falta de azúcar #RThttps://t.co/wrYP9vVnw3 — Reporte 24 Venezuela (@Reporte24VE) May 20, 2016

In January, Maduro declared an economic emergency in the country. The step came two days after Venezuela’s oil price dropped to $24 a barrel, the lowest mark in 12 years. The measure has been extended to a full-blown state of emergency this month.

Venezuela’s oil-dependent economy contracted by 10 percent last year, inflation reached 141 percent between September 2015 and the year-end, according to government statistics. The International Monetary Fund (IMF) has predicted further recession.