A whole packet of new economic initiatives are set to take effect in Venezuela after socialist President Nicolas Maduro announced a series of far-reaching measures in response to the country’s economic crisis on February 17.
In a televised five hour address to the nation, Maduro explained the extent of the economic crisis afflicting the country as well as his government’s plan to tackle it. Economic initiatives include changes to the country’s multi-tiered exchange rate, an increase in domestic petrol prices, a new tax system and expansion of community control over food distribution.
President Nicolas Maduro at International Workers' Day celebrations in Caracas, May 1.
Braving the heat, more than 100,000 Venezuelans flooded the streets of Caracas on May 1 to commemorate the International Workers' Day and gains for working people under the Bolivarian Revolution.