VENEZUELA NATIONAL ASSEMBLY GREENLIGHTS ECONOMIC EMERGENCY DECREE – President Maduro signed the decree citing constitutional powers to declare states of emergency
Venezuela’s national assembly passed a decree proposed by President Nicolas Maduro’s government declaring a state of economic emergency in response to U.S. sanctions and tariffs.
In March, the administration of U.S. President Donald Trump began suspending authorizations for oil companies operating with Venezuela’s state-owned PDVSA and imposed secondary tariffs on crude oil and gas exports.
Maduro signed the decree citing constitutional powers to declare states of emergency.
The new regulation allows Maduro to implement measures to boost economic growth, curb inflation, offer special treatment to investors, suspend taxes or exemptions and establish import-substitution mechanisms, among other actions.
The emergency decree aims to aid national production, Vice President and Oil Minister Delcy Rodriguez said during the presentation of the document to lawmakers.
The economy is being affected by the U.S. measures, she said, but oil and gas production is continuing despite a 30% fall in price according to Venezuelan estimates.
The decree will now go to a chamber of the nation’s supreme court for consideration.
