0 C
Lagos, NG
8th December 2022
WORLD NEWS

Venezuela’s Nicolas Maduro hikes minimum wage by 300%

Bank Of England Vault: Judge Denies Maduro Access To $1b In Gold
Bank Of England Vault: Judge Denies Maduro Access To $1b In Gold

Venezuelan President Nicolas Maduro on Monday raised the minimum wage by 300 percent to 18,000 bolivars per month, around $6.70, as part of routine wage hikes in an economy suffering from annual inflation approaching 2 million percent.

Nicolas Maduro announced the move in a speech in Caracas. Economists had low expectations for the speech given that the leftist president has repeatedly balked at making significant changes to the country’s dysfunctional socialist system.

Sworn in for a six-year term on January 10th 2019, Nicolas Maduro has faced growing international sanctions since winning re-election last May in a vote widely considered fraudulent. This has cut Venezuela off from foreign financing and left his government with few friends abroad.

Critics in the United States and Latin America, as well as political opponents at home, have called Maduro a dictator whose failed state-led policies have caused Venezuela’s worst ever economic crisis. Nicolas Maduro counters that he is victim of a U.S.-led “economic war” aimed at ousting him from power.

The size of the economy has halved during five years of recession, annual inflation is nearly 2 million percent, and widespread shortages of food and medicine have spurred three million Venezuelans to emigrate since 2015.

In August, Maduro’s government introduced several economic measures to try to tackle the crisis, devaluing the bolivar currency and lifting the minimum wage and taxes. But economists say the measures were too limited to have a significant impact.

As Maduro’s second term got underway, the leader of the country’s opposition-led Congress, Juan Guaido, said last week he was willing to replace Nicolas Maduro with the support of the military. Several government officials have said Guaido should be arrested for treason and on Sunday he was briefly detained by intelligence agents.

Related posts

Breaking: Harry Maguire Named As Captain Of Manchester United

yellowdanfo

NRA: U.S Gun-Rights Group Files For Chapter 11 Bankruptcy

yellowdanfo

Dani Leigh And DaBaby Split After Yellow Bone Controversy

yellowdanfo

Britain’s Prince Charles Tests Positive To COVID-19

yellowdanfo

See all the nominees for SAG Awards 2019

yellowdanfo

A 27-Year-Old Mother Has Been Accused Of Killing Her 5 Children

yellowdanfo

Warren Buffett’s Berkshire Reports $44b Loss

yellowdanfo

Gigi Hadid Shares Her First Official Baby Bump Photoshoot

yellowdanfo

Kim Kardashian and Kanye trademark their son’s name Psalm West

yellowdanfo

PHOTO: Zlatan Ibrahimovic Exits Manchester United In Style

yellowdanfo

Leave a Comment