Venezuelan Opposition-Led Congress Denies Emergency Powers to President Nicolas Maduro Despite 700% Inflation Signaling Economic Breakdown

The Venezuelan Congress, mostly composed of opposition, decided to reject the President's request for emergency powers. International Monetary Fund (IMF) revealed that Venezuela might face an increase of 700% in inflation this year. Nicolas Maduro requested for an economic emergency decree that will guarantee him 60 days emergency powers to solve this problem.

The opposition, who got back last month after being kicked by the previous president, said Maduro is the problem. According to them, the president only wants power as his proposal solutions will not really solve the problems. Euro News reported that Maduro's decree will only widen his control over the budget, companies and currency. The opposition speaker of congress Henry Ramos Allup said they cannot just follow and approve the decree with really studying it and knowing fully what the government wants. "We're not looking to double down on the same policies that got us into this crisis. What we need is real change," said majority leader Julio Borges

However, President Maduro said the opposition should not politicize his move as he only wants to solve the problem. Maduro explained that the opposition is "turning their back" against the country.  DW stated that Maduro's team in the Congress did not show up during the session, hence, it being canceled. Maduro's economic team said they will only show up if the briefing will not turn into a show because of the media coverage.

According to AP, IMF predicted that the South American country's inflation rate will extremely increase this year. They expect the inflation to double and will add to 720%. Venezuela is already suffering from back to back inflation and has currently the highest in the world.

Recession is evident in the country as they are economically struggling. This situation will never be solved because of the political power struggle fight the opposition and the administration is doing. The citizens of the country are the one that will ultimately suffer in the end. 

Tags

President Nicolas Maduro, Venezuela, Opposition-Led Congress, Inflation, Economic Breakdown, Emergency Powers, South America, economic problem, recession

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