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Venezuela president extended economic emergency to protect citizens from economic warfare

The declaration will bestow more time on the government of President Nicolas Maduro to intervene in the market, boost productivity and redress a flagging financial sector.

Mar 15, 2016 15:05 IST
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Venezuela President Nicolas Maduro on 14 March 2016 declared a two-month extension on emergency powers meant to help shore up the country's crippled economy.

The declaration will bestow more time on the government of President Nicolas Maduro to intervene in the market, boost productivity and redress a flagging financial sector.

It will also allow the government to take more anti-crisis measures to reduce fiscal moratorium and to tap up funds from the 2015 budget to address short-term social needs.

The extension will bring in measures to enhance positive impacts on the national economy. These include actions on healthcare, nutrition, education, employment.

Background

Venezuela has the biggest known oil reserves in the world but has suffered from the plunge in world oil prices since mid-2014. The official inflation rate topped 180 percent in 2015 which is one of the highest in the world. Non-government economists estimate the real rate is several times higher.

The Venezuelan government declared a state of economic emergency on 16 January 2016. It was to last for 60 days, in order to lead a transformation of the country's beleaguered economy.

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