Venezuela Emergency Extended for 60 Days

IAS Prelims 2023

Venezuelan President Nicolas Maduro has extended a state of “economic emergency” for another 60 days. It has been extended for the fourth time.

The state of emergency is in place since January 2016.

The declaration allows the government to seize assets of private companies to obtain essential food and goods.

Under the emergency, Maduro has put the army in charge of food distribution in order to ease severe shortages that have triggered outbreaks of looting and riots.

The opposition blames President Maduro for an economic implosion in oil-rich Venezuela as global crude prices plunged since mid-2014.