Venezuelan President Nicolas Maduro has signed a decree declaring a 60-day economic emergency in response to economic pressure from the United States, Bloomberg reports.
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Objectives and powers
“These measures will guarantee economic growth,” Maduro emphasized in a televised address. The decree expands the powers of the government: taxes at all levels can be suspended, financing is allowed outside the budget, and structures are created to combat tax evasion and promote import substitution.
Investment signal
“It is very important to get new sources of investment,” the president said, promising investors “special treatment,” hinting at potential incentives for those willing to invest in the country’s economy.
Approval process
The decree still needs to be approved by the National Assembly and the Constitutional Chamber of the Supreme Court to take effect, a step that will determine whether Maduro can implement his plan.