03:33 GMT30 October 2020
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    President of Venezuela Nicolas Maduro signed a decree on extension of a state of economic emergency for 60 days, local media reported.

    MEXICO CITY (Sputnik) — The Venezuelan government newspaper Gaceta Oficial reported on Monday that Maduro's decree provided president with powers to protect people amid "economic war."

    On January 15, Maduro declared an 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.

    Maduro's January move was put into question by country's opposition and rejected in the parliament, however, Venezuela's Supreme Court recognized validity of the presidential decree.


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