Venezuela's president signs economic state of emergency decree - Implications
Photo: Nicolás Maduro (Getty Images)
Venezuelan President Nicolás Maduro signed a decree declaring a state of economic emergency in the country, according to Bloomberg.
In a statement on state television, Maduro announced that the decree declares a 60-day economic emergency in the country. He emphasized that it is necessary to support the country's production sectors amid a global economic war.
According to the president, the decree allows him to take all necessary measures to ensure economic growth, including:
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A general suspension of tax collection and enforcement;
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Authorization for expenditures from the treasury and other funding sources not included in the annual budget;
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Fighting tax evasion, implementing import substitution mechanisms, and stimulating investment.
Maduro added that securing new sources of investment is crucial and assured that anyone willing to invest in Venezuela would receive special treatment.
The decree requires approval from the National Assembly and the Constitutional Chamber of the Supreme Court.
A few months ago, the disputed Venezuelan president proposed reforms to the country's constitution, stating that the aim was to change territorial divisions and diversify the economy.
