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    Storage tanks stand in a PDVSA state-run oil company crude oil complex near El Tigre, a town located within Venezuela's Hugo Chavez oil belt, formally known as the Orinoco Belt

    Maduro’s Economic Emergency Decree Rejected by Venezuela’s Congress

    © AP Photo / Fernando Llano
    Latin America
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    Venezuela’s opposition-controlled National Assembly has rejected President Nicolas Maduro’s decree on an economic emergency in the country.

    MOSCOW (Sputnik) – According to the opposition-controlled National Assembly, Maduro’s decree would give him more powers instead of addressing Venezuela’s economic problems.

    "Nicolas Maduro is a prisoner of his own economic system, he can’t change course," the new National Assembly president Henry Ramos Allup said as quoted by The Wall Street Journal on Friday.

    On January 15, Maduro signed a decree on a 60-day state of economic emergency in Venezuela. The announcement came two days after Venezuela’s oil price 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.

    Venezuela’s Supreme Court said in a Wednesday statement that the decree addresses the key issues of economic security and is in line with the country’s constitution.

    Maduro accepted partial blame for the economic situation in the country in an address to the National Economic Council on Tuesday, stressing that Venezuela needs to replace all sources of income from oil with other sources.

    On Friday, Maduro accused the opposition of deepening the economic crisis in Venezuela by rejecting his economic emergency decree.


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