MEXICO (Sputnik) — President of Venezuela Nicolas Maduro has signed a decree on a state of economic emergency to address the protection of social rights amid the grave economic crisis in the Latin American country, local media said Friday.
"The state of economic emergency was declared throughout the national territory in accordance with the Constitution of the Bolivarian Republic of Venezuela and its legal system, for a period of sixty (60) days", the text of the decree published in the Gaceta Oficial says.
The announcement came two days after Venezuela’s oil price had dropped to $24 a barrel, the lowest mark in 12 years. Up to 96 percent of Venezuela’s budget depends on oil revenues, which has a negative impact on the socio-economic situation in the country.
