20:40 GMT +3 hours25 June 2016
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Venezuela’s President Nicolas Maduro

Venezuela to Announce Extraordinary Economic Measures on Tuesday

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The proposed extraordinary economic measures are aimed at increasing the fundamental indicators of production, product distribution, commercialization and price controls, according to the Venezuelan president.

MONTEVIDEO (Sputnik) — Venezuelan President Nicolas Maduro said that the country would announce a set of extraordinary economic measures later on Tuesday.

"In the coming hours we will activate a contingency plan for the adoption and revision [of measures] in the field of economy, [the measures] on the construction of a productive economy in the national, regional and local scale," Maduro was quoted by the Venezuelan AVN news agency.

No other information on the plan was made public.

The president also spoke about the upcoming changes in the government's economic bloc, but did not specify the issue.

The Democratic Unity Roundtable (MUD) opposition party for the first time in 17 years gained a parliamentary majority in elections held on December 6, 2015.

On Tuesday, Venezuela's new opposition-controlled parliament formally started its legislative functioning.

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economy, economic measures, Nicolas Maduro, Venezuela
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