Venezuela president extended economic emergency to protect citizens from economic warfare

Posted on:15 Mar 2016 17:41:32

Venezuela president extended economic emergency to protect citizens from economic warfare
15 March 2016 Current Affairs: 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.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.


Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs July 2017

22 JULY
NEWS
21 JULY
NEWS
20 JULY
NEWS
19 JULY
NEWS

Current Affairs June 2017

30 JUNE
NEWS
29 JUNE
NEWS
28 JUNE
NEWS
27 JUNE
NEWS

Current Affairs May 2017

31 MAY
NEWS
30 MAY
NEWS
29 MAY
NEWS
27 MAY
NEWS