Connect with us

Hi, what are you looking for?

TVCE Articles

Venezuelan government decrees 60-day ‘economic emergency’

 

 

venezuela govtVenezuelan President Nicolas Maduro’s socialist government decreed on Friday (January 15) a 60-day “economic emergency” for the recession-hit OPEC nation reeling from low oil prices and a sputtering state-led economic model.

Advertisement

The government also published the first macroeconomics data for more than a year, showing GDP dropped in the third quarter while inflation surged.

The decree, read by new economy vice president Luis Salas and to be debated next week by parliament, did not mention any major policy changes such as a widely-rumored currency devaluation or a hike in the price of heavily-subsidized fuel.

“I decree Article One, an economic state of emergency across the entire national territory in conformity to the Bolivarian Constitution of Venezuela and its judicial order so that the executive (branch) makes use of his powers to adopt opportune measures to allow it to deal efficiently with the exceptional and extraordinary situation in which the Venezuelan economy currently finds itself,” Salas said.

Advertisement

“This will allow the population to be assured of their full rights and free access to fundamental goods and services and, at the same time, will mitigate the effects of this inflation that was induced due to speculation of the fictitious value of currency, the sabotage on the systems of the distribution of goods and services. Additionally, these measures will counter the consequences caused by the war on oil prices that has achieved the current international geopolitical volatile situation that has generated a grave economic crisis,” he added.

Maduro, a former bus driver and foreign minister who won election to replace Hugo Chavez in 2013, has stuck to his mentor’s policies of strict currency and price controls.

But critics say it is time to change a failed model.

Advertisement

 

 

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Movie

Eddie Murphy‘s return as Axel Foley in “Beverly Hills Cop: Axel F” marks a comedic resurgence for the beloved franchise. The fourth installment, released...

Entertainment

Popular Nollywood actor Chinedu Ikedieze, widely known by his stage name ‘Aki’, and his wife Nneoma Nwaijah have welcomed a baby boy into their...

Sports

In a thrilling race at Silverstone, Lewis Hamilton secured his first Formula 1 victory since December 2021, holding off Max Verstappen to claim a...

Tech

Microsoft has agreed to pay $14.4 million to resolve a case alleging retaliatory and discriminatory practices against California workers who took protected leave, such...

Copyright © TVCCommuniation owner of TVC Entertainment