The National Assembly of Venezuela approved on Thursday (10) a decree signed by dictator Nicolas Maduro that declares economic emergency in the country, in response to the sanctions and tariffs of the United States.
In March, US President Donald Trump’s administration began suspending permits for oil companies operating with Venezuela state -owned PDVSA and imposed secondary tariffs on gross and gas oil exports.
Maduro signed the decree on Tuesday, citing constitutional powers to declare states of emergency.
The new regulation allows mature to implement measures to drive economic growth, contain inflation, provide special treatment to investors, suspend taxes or exemptions, and establish import replacement mechanisms, among other actions.
The emergency decree aims to help national production, said the vice president and minister of oil, Delcy Rodriguez, during the presentation of the document to legislators.
The economy is being affected by US measurements, she said, but oil and gas production continues despite a 30% drop in price according to Venezuelan estimates.
The decree will now be sent to a country’s Supreme Court Chamber for consideration.
This content was originally published in the National Assembly of Venezuela approves Economic Emergency Decree on the CNN Brazil website.
Source: CNN Brasil
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