Wednesday , June 23 2021

Maduro's "Recovery" program does not remove Venezuela from the crisis In the agenda



Photo: Archive

Photo: Archive

EFE

The controversial "recovery" program, which today has been three months since Nicolas Maduro did not help Venezuela to leave a serious economic crisis, while opponents, businessmen and experts insist on criticizing the package, which they find irrational.

Anti-Chavez lawmaker Ángel Alvarado today assured Efe that Venezuelans are weaker than 90 days and that the country's economy is far from recovering, despite the promises of Maduro's short-term success.

A member of the Committee for Economy and Finance of the one-time Venezuelan parliament, the only power that controls the opposition, recalled that Maduro's program imposed new and higher taxes in the context of the hyperinflation that the country suffered and according to data from the Camera exceeds 3% a day.

"Money continues to lose value and taxes are higher, here you have a huge fiscal imbalance that you will not solve by increasing taxes on people, comprehensive measures are needed to close the fiscal gap," he explained.

Venezuela, the country with the most proven reserves of oil on the planet, is going through a serious economic crisis that is expressed in the shortage and hyperinflation, an indicator that the International Monetary Fund would estimate in 2016 to close in the Caribbean by 10,000,000%.

In order to overcome the crisis, Maduro launched a program called "economic recovery," which includes measures such as a substantial increase in minimum wage, freezing some prices for food products, tax reform and monetary reconstruction, which established a new monetary cone.

The legal minimum income was anchored by the cryptoactive "petro" and was 1,800 bolivars a month, still in force, but the devaluation has gone from 30 initial dollars to just over 24 today, taking into account the official exchange rate.

If the transaction took place on a parallel market, the minimum wage would not exceed $ 7 per month.

Efe found that food whose price was frozen in supermarkets, while the Department of Documentation and Social Analysis of the Venezuelan Federation of Teachers (Cendas-FVM) reported that the base basket grew by 147.229% in one year.

In this regard, Alvarado told Efe that the measures do not contribute to the effective removal of the Venetian economy and that the package requires more production at the state Petroleum de Venezuela. Venezuela (PDVSA) and international financing, the last edge that does not include the Maduro program.

"It is necessary to reopen in international financial markets, which is why it is fundamental to make profound reforms to the economy, to raise the whole control and expropriation model that ultimately gives greater incentives to the private sector, if this does not happen, I will not see the way of economic recovery, estimated.

He also said that prices in Venezuela have increased 25 times in the last three months and that the proposal to increase the price of gasoline, so cheap that the only dollar at the official rate is enough to fill the tanks with more than 30,000 vehicles, "remained in ink" the lack of a proper billing plan.

Maduro's initial enthusiasm for the program seems to have diminished, and on the same day he held a speech broadcast on a mandatory radio and television station for more than an hour without referring to the subject.

The decline in the economy was also fueled by a sharp decline in production in the oil industry Venezuela, where the country receives 96% of its income.

According to the latest report by the Organization of Petroleum Exporting Countries (OPEC), last week, PDVSA barely averaged 1.17 million barrels per day, which is 39% lower than in the whole of 2017.

20/11/2018

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