Venezuela’s President Nicolas Maduro decreed a state of “economic emergency” on Friday, seizing the initiative in a political standoff with the opposition in the oil-rich state.
“A state of economic emergency is declared across the whole territory of the nation” in accordance with the constitution, “for 60 days,” read the decree published by the official state journal.
Maduro’s new economy minister, Luis Salas, was expected to give further details in the hours before Maduro’s address.
The announcement came hours ahead of a state of the nation address by Maduro, scheduled for 2130 GMT.
That will be the first time he will come face to face with his rivals in the National Assembly state legislature since the opposition took control of it last week.
The opposition’s new legislative powers have deepened a political struggle in the recession-stricken South American nation of 30 million people.
The center-right opposition vowed to launch legislative measures to oust Maduro this year and has vowed to fix the economic crisis.
He branded the opposition a US-backed “bourgeoisie” and vowed to defend his socialist policies.
Maduro had promised to launch an emergency plan for the economy, which was expected to propose new forms of production to reduce Venezuela’s reliance on oil exports.
Venezuela has the world’s biggest known oil reserves but the big fall in crude prices over the past year and a half has slashed its revenues (Other OTC: UBGXF – news) .
