Maduro's "recovery" program does not exclude Venezuela from the crisis in the Agenda



Photo: Archive

Photo: Archive

EFE

The controversial "revival" program, which is three months after its launch, Nicolás Maduro, did not help Venezuela to abandon the grave economic crisis they suffer, while opponents, entrepreneurs and experts insist on criticizing the package they see as impertinent.

Anti-Chavez lawmaker Ángel Alvarado today said Efe assured that Venezuela is poorer than 90 days ago, and that the economy of the Caribbean country has not been far-fetched, despite the promise of Madura's short-term success.

A member of the Economic and Financial Committee of the Unicameral Venezuelan Parliament, the only authority controlling the opposition, recalled that Maduro's program had imposed new and higher taxes on hyperinflation suffered by the country, and that according to camera data it exceeded 3% per day.

"Money is still losing value and taxes are higher, here you have a large fiscal imbalance that you will not address by raising taxes on people, you need comprehensive measures to close the fiscal gap," he explained.

Venezuela, the country with the best proven oil reserves on the planet, is undergoing a severe economic crisis, which is characterized by a deficit and hyperinflation, indicating that the International Monetary Fund estimates will close 10,000,000% in the Caribbean in 2019.

In order to resolve the crisis, Maduro launched a program called "economic recovery", which includes measures such as a substantial increase in the minimum wage, the freezing of some food prices, tax reform and a currency conversion that created a new currency cone.

The minimum legal income was docked for the cryptoactive petro and was 1,800 Bolivars per month, which was still valid, but devaluation took it from 30 initial dollars to just over 24 today, taking into account the official exchange rate.

If the transaction were on a parallel market, the minimum wage would not exceed $ 7 a month.

Efe found that frozen food was scarce in supermarkets, while Cendas-FVM's Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers said the baseline basket was up 147.229% in one year.

In this sense, Alvarado told Efe that the measures did not help effectively scare the poor Venezuelan economy and that this package needed more production in the state-owned Petroleos de Venezuela. Venezuela (PDVSA) and international funding, the last of which does not include the Maduro program.

"(It is necessary) to re-open to the international financial markets because it is essential to carry out profound reforms in the economy, to increase the whole model of controls and expropriations that exist, and ultimately to give the private sector more incentives, unless that happens, I will not see a way of economic recovery" estimated.

He also said that the prices in Venezuela has increased 25 times over the last three months, and that the proposal to raise the price of gasoline, so cheap that a single dollar at the official rate is enough to fill tanks of more than 30,000 medium-sized vehicles, "remained in ink" lack of an appropriate collection plan.

Maduro's initial enthusiasm for the program, however, seemed to have been lost, and this time he delivered a speech on the mandatory radio and television station for more than an hour without reference to a subject.

The collapse of the economy was also supported by a sharp drop in production in the oil industry Venezuela, where the country receives 96% of its revenue.

According to the latest report by the Organization of the Petroleum Exporting Countries (OPEC), the PDVSA barely reached last year's 1.17 million barrels per day, 39% lower than in 2017.

2018-11-20

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