Venezuela extends economic emergency for another 60 days

The Venezuelan government on Monday declared a two-month extension for the current state of economic emergency, saying that the country's economic crisis is yet to be overcome.

The declaration will bestow more time on the government of President Nicolas Maduro to intervene in the market, boost productivity and redress a flagging financial sector.

It also allows the government to take more anti-crisis measures to reduce fiscal moratorium and to tap up funds from the 2015 budget to address short-term social needs.

"Due to exceptional circumstances...the declaration of an economic emergency must continue in various sectors," said Vice President Aristobulo Isturiz.

This view was shared by the first vice president of the ruling United Socialist Party of Venezuela, Diosdado Cabello, who was quoted as saying that this extension "will bring in measures to enhance positive impacts on the national economy. (These will include) actions on healthcare, nutrition, education, employment, and all the needs of the Venezuelan people."

At the request of the opposition majority in the National Assembly, Isturiz will explain to lawmakers the achievements made during the first 60 days of the state of economic emergency, which begun on Jan. 16.

The Venezuelan government declared a state of economic emergency in January, which was to last 60 days, in order to lead a "transformation" of the country's beleaguered economy.

The measure, which could be extended for another 60 days, would allow the government to take on "exceptional powers" to guarantee that the population would have full access to goods and services. Endi