July 27, 2021

Maduro's economic package "increased" the crisis, says Venezuelan employers

Maduro's economic package "increased" the crisis, says Venezuelan employers



The main employers of Venezuela, Fedecámaras, said today that the package of measures launched by Nicolás Maduro just over two months ago "only increased" the severe crisis that the country suffers, while demanding corrective measures are taken to solve "imbalances" economic activities in the Caribbean nation.

Fedecámaras said in a statement that Maduro's so-called economic recovery plan "only increased hyperinflation, the emission of inorganic money, the closure of companies, the shortage and the Venezuelan diaspora, among other problems."

In the text, the employers reiterate that the economic model that prevails in the country – which includes a tight control of changes that has already reached 15 years, expropriations and price controls – "is solely responsible for the hardships" that the South American nation is going through .

"The only responsible is the national government, not the sanctions of the international community, much less the unions and businessmen of the country", was added in the text referring to the restrictive measures of several countries against the Administration of Maduro and the protests that public employees carry out.

These new criticisms of businessmen to the economic policy of Maduro are added to those discharged last July, when they described as "isolated" the measures of the Government.

Venezuela, the country with the largest proven oil reserves on the planet, is going through a pressing economic crisis that is expressed in scarcity and hyperinflation, an indicator that will close this 2018 in more than 4,000,000%, according to Parliament calculations.

To deal with this situation, Maduro launched an economic package with measures such as the increase in the minimum wage by 35 times its previous value, a tax reform and a monetary reconversion, which in turn established a new monetary cone.

But opponents and experts have pointed out that the package is incomplete and impertinent, because it does not attack the root of the problems of the Venezuelan economy.

Fedecámaras also rejected in his statement today the rally that tomorrow the ruling United Socialist Party of Venezuela (PSUV) at the headquarters of the employers in Caracas, and said that Maduro "aims to keep the main business representation as the enemy" to excuse the "failure" of its economic policy.

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