Covid-19 can't be helping things but oversimplifying Venezulea geopolitical situation as "a poorly run government" ignores the fact that there are multiple state-level actors (internally and externally) working against their best interests.
That aside, their monetary policy has also been a train wreck from the 70's, and compounded with more bad decisions in the early 2000's. https://mises.org/wire/venezuelas-economic-collapse-was-enab...
Until they fix core issues in their central government/bank, they will continue to struggle in a global economy.