On the wake of decreasing oil price, Venezuela on last day decided to extend the economic regulations. It is learned that the regulations will be on effect for at least next two months. The procedure is expected to revive the ailing economy of the embattled country. The unexpected decision was on last day announced by President Nicolas Maduro, through an official statement. It is said that the new extension will deliver more powers to the ruling socialist government. Through the government order, the government is reportedly planning to implement stricter regulations on the economy. Recently, while speaking to the media personals, President Maduro raised strong criticism against the west countries for imposing a virtual sanction against the country. Venezuela is one of the biggest oil reserves of the world. It is mostly depending up on the oil sector. According to the reports, the recent fall of oil price has severely affected the country’s economy. Earlier, the opposition parties successfully blocked a motion demanding economic emergency in the country’s assembly, which is dominated by opposition parties. But, the ruling socialist government have secured a positive verdict from the country’s top court for implementing the economic measures. However, as per the report, the latest development in the emergency measures will be discussed in the parliament soon. The inflation rates of Venezuela have reportedly reached the global highest in the latest survey report. Currently, it stands at one eighty percentage.
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