Maduro Signs Decree Declaring Emergency Situation In Venezuela's Economy

It's for a period of 60 days.

Venezuelan ruler Nicolas Maduro has signed a decree on the state of economic emergency in the country.

This is reported by Bloomberg.

Maduro said on the air of state television that the document declares an economic emergency in the country for 60 days. It is necessary in order to support the country's productive sectors in the global ‘economic war’.

According to the president, the decree allows him to take all necessary measures to ensure economic growth, including:

a general suspension of the levy and application of taxes;

authorising expenditure from the treasury and other sources of funding not provided for in the annual budget;

combating tax evasion, implementing import substitution mechanisms, and incentivising investment.

Maduro added that it is very important to get new sources of investment. According to him, anyone who wants to invest in Venezuela will receive special treatment.

At the same time, Bloomberg writes that the presidential decree requires the approval of the National Assembly and the constitutional chamber of the Supreme Court.

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