Following increased buying during the holiday season, Venezuela is facing shortages in food, basic goods, such as diapers and laundry detergent, medicine, and automotive items. As lines to purchase goods, especially at state-subsidized markets, have continued to grow, opposition leaders called for a nationwide strike on Monday- which was widely ignored.
President Maduro announced that China has agreed to invest 20 billion dollars in Venezuela following the China- Community of Latin American and Caribbean States (CELAC) meeting in Beijing. Venezuelan officials hope that increased Chinese investment will offset some of the shortfalls in the Venezuelan economy due to decade-low oil prices.
Venezuelan president Nicolas Maduro shared “good news” from Chinese capital Beijing yesterday, after meeting with Chinese leaders and business owners to forge further pacts meant to mutually benefit both countries’ economies.
The Venezuelan government has published previously withheld data revealing that the economy entered a recession in the second quarter of this year. However President Nicolas Maduro said significant changes to Venezuela’s economic model were being planned and that an economic “recovery plan” would be implemented in early 2015.
During a Mercosur summit held today in Argentina, Venezuelan president Nicolas Maduro called Barack Obama’s recent move toward normalizing US-Cuba relations “brave,” while the rest of the trade bloc released a statement condemning the US leader for approving sanctions against Venezuela last week.
Yesterday the United States Senate passed the Venezuela Defense of Human Rights and Civil Society Act of 2014 by voice vote, a bill that will impose further sanctions on Venezuelan senior government officials if passed tomorrow by Congress.
In an announcement made on Friday, Venezuelan president Nicolas Maduro pledged to slash spending in certain areas, such as senior government officials’ salaries, while swearing “we will never cut one bolivar of what we spend on education, food, housing... on our people.”
In a television address yesterday evening, Venezuelan president Nicolas Maduro indicated that a $4 billion loan from China would be added to the country’s international reserves. Meanwhile, as oil prices to continue to slide and with eight days to go to the next OPEC meeting, Venezuela has signed a major deal with the largest exporting non-OPEC member, Russia.
Yesterday evening, Venezuelan president Nicolas Maduro passed 28 laws by means of the enabling law, which permits executive action without Parliament approval. The bills, 16 of which were revealed in Tuesday’s promulgation ceremony, make up a comprehensive economic reform directed at industry, agriculture, tourism and tax revenue.
Venezuela’s largest pro-government trade union federation will today hand President Nicolas Maduro a series of proposals for the greater industrialisation of the economy and strategies to overcome current economic difficulties.
President Maduro passed five new laws yesterday in an attempt to create a stronger social safety net in the face of ongoing economic difficulty within Venezuela. The five laws, encouraging employment, creating greater guarantees in existing social programs, strengthening the power of communal councils and community financing, and increasing the rate of food subsidies, were all passed via the Enabling Law, which allows the President limited lawmaking for a temporary period.