Emerging Markets, Frontier Markets

Venezuela’s Maduro Declares National “Economic Emergency”

Maduro - Flickr - Agencia de Noticias ANDESVenezuela’s president Nicolás Maduro has declared a national emergency for 60 days.

The Venezuelan executive declared a nationwide “economic emergency” Friday, just hours ahead of a key speech where Maduro is set to propose a package of reforms.

The emergency was declared in the government’s official gazette.

According to the gazette, the president has declared, “a state of emergency in the entirety of the national territory, in compliance with the constitution … for a period of 60 days,” read Economic Minister Luis Salas shortly after noon, local time, providing details about the “economic emergency.”

He outlined various ways the government perceives there has been an “economic war” waged against Venezuelans and the ensuing need to take drastic and serious measures to restore economic security.

The “economic emergency” involves making resources from the 2015 financial year available, assigning extra funds to health, education, food, and housing; designing and implementing measures to prevent tax evasion; and giving the executive the “authorization to address the causes of the current situation.”

The release of the gazette came just hours before Maduro was expected to deliver his annual address, which will begin around 5 p.m. local time.

Socialist legislator Hector Rodriguez said the speech is part of a “new stage of the revolution.”

“We invite all the people of Venezuela to join our president,” he said.

The address will be Maduro’s first state of the union speech to the country’s new National Assembly, dominated by legislators from the right-wing MUD coalition.

The MUD secured a majority in the National Assembly during elections in December, and have since vowed to seek to oust Maduro from office.

Maduro himself has said he will continue to fight for the country’s socialist revolution, and accused the new National Assembly of seeking to roll back economic gains of the past decade.

Courtesy of teleSUR, © 2016 teleSUR

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